Bad Credit Mortgage

Bad Credit Remortgage

Many homeowners that are struggling to find financial buoyancy may have looked to home loans, consolidation loans or other avenues of dept management. One avenue they may have not considered taking is that of remortgaging. Utilising the variety in the mortgage market to possibly save on your monthly repayments or even receive a lump sum is a step many homeowners don’t think to take. We at Bad Credit Mortgage specialise in bad credit remortgages. Here you can apply for a remortgage if you have a less than perfect credit history. Take a few minute to compare offers from our recommended bad credit remortgage lenders to see the best deal you can obtain.

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It may well be a solution that you haven’t considered to your money problems. The level of remortgaging has raised six fold over the last five years, according to figures from the Council of Mortgage Lenders.

But while more and more people are starting to make the most of better rates, it is estimated that still, more than half of all borrowers are continuing to pay over the odds for their mortgage repayments each month. Switching to a cheaper deal is one of the easiest ways that homeowners can save money.

Bad Credit Remortgage Guide
Remortgaging is the process of switching your mortgage to another lender, or in some cases staying with the same lender whilst switching mortgage deals.

So what you are doing is ending your current mortgage and starting a new mortgage with a lower interest rate. This will almost always involve switching lenders. Remortgaging was once considered as something you do in a crisis in order to gain extra finances, but now more and more people are remortgaging, and this is why:

Reduce your monthly outgoings

Enjoy lower and discounted interest rates

Consolidate existing loans into one monthly payment

Release equity in a property to buy a new car, pay for your children's education, home improvements etc.

The first step is to check the terms and conditions of your existing mortgage.
These will tell if you are tied-in to your mortgage deal or if there are any redemption penalties - sometimes phrased as early repayment charges. If you are locked-in, you must decide if it is worth switching to a different rate or stay put until the penalties have expired. You may have been with your existing lender for a long time and feel a sense of loyalty towards the company.

However, most lenders do not reward this loyalty with a reduction in rates. You should therefore expect to shop around and look towards a different lender to get a better deal. You can either go direct to a lender or try a mortgage broker who will scour the market for you.

The advantage of using a mortgage broker is that they will look at what different lenders are offering and they often have special deals, which are not available elsewhere on the High Street.

To save you time and possibly money, why not take a couple of minute to fill out our FREE, no obligation, two-minute mortgage application form. Just CLICK HERE to fill out the form.