Adverse Credit Remortgage

What is an adverse credit remortgage?

Bad credit remortgage is a term used to describe a remortgage application that does not always rely on mainstream lenders such as Banks and High Street building societies. Mortgages and remortgages from mainstream lenders rely on underwriters who decide to lend you the money based on a number of factors, including:

• how much you earn
• the amount required
• your age
• your credit history

If you have bad credit, a mainstream lender may not lend you the money you require.

What constitutes bad credit? If you have:

• Mortgage arrears
• No proof of income
• County Court judgements
• IVA's
• Bankruptcy
  

Do you have a CCJ, or a poor credit rating that is preventing you from moving up the property ladder?

Our experts can help you repair and improve a bad credit rating and will offer you professional, straightforward advice on how to apply for a more appropiate mortgage. A poor credit history need not be an obstacle to homeownership.

What is a bad credit rating?

Lenders carry out checks on prospective borrowers’ credit records to identify any defaults on the repayment of previous loans. When a default is disclosed, the borrower is said to have a bad credit rating. So, if you fall into any of the following groups…

• Discharged Bankrupts
• People with a CCJ (County Court Judgement)
• People with arrears and defaults
• DSS Benefits claimants
• Self-employed with no proof of income
  

…you could have a bad credit rating, and may have difficulty securing a mortgage/remortgage or any other form of loan.

Overcoming your bad credit status

A bad credit rating does not necessarily indicate that a borrower is a high-risk candidate for a loan. There may a legitimate dispute over a bill, for example, that is no fault of the borrower. That is why Independant Mortgages & Remortgages Advice will not allow a bad credit rating to interfere with a customer’s right to a mortgage. Our range of Mortgages & Remortgages allow people to plan for their future, whatever has happened in the past.

Our team of specialists are happy to explain everything, in clear jargon free language. Discover how much you could borrow The sum available for you to borrow, and the interest payable on the loan, is dependent on personal circumstances; taking into consideration:

• Credit history (CCJ’s, missed payments, bad credit)
• Your income
• Existing credit commitments
• The value of the property
• Deposit available

To find out how much you could borrow and what your interest rate would be, simply call 0845 643 9920 and we will be happy to provide you with a personalised illustration.