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bad credit remortgages uk

Updated on August 14, 2009

Bad credit remortgage is a fancy term that has been coined to mean any remortgage application which is not within the lending criteria of the main UK high street banks namely: HSBC, Nationwide, Halifax, Nat West, Northern Rock, Barclays, Lloyds TSB, and Abbey. In plain English these are remortgages or mortgages for people with a bad credit history.

If you need a mortgage or to re-mortgage you might be having problems given the current economic climate. Economy not withstanding you might still face problems if you have a poor credit history or if you can't proof your source of income.

Most lenders have some common criteria which they use to assess your application, such as your employment status, age, loan amount etc. What this boils down to is your credit score! If you have a bad credit score many lenders will not touch you even with a long stick. This does not mean that people whose credit history stink cannot get a loan. In practice it is going to be very difficult.

Bad credit remortgages - what are your options?

Speak to an experienced remortgage advisor whose specialty is people with poor credit history. Since they deal with people like you on a daily basis, they should be able to get your remortgage sorted. It is not guaranteed, it will depend on your personal circumstances.

One other possibility will be to borrow against the equity which your home has built up. With this cash, you can clear up some of your debts and also rebuild your credit score.

You might also consider the possibility to remortgage so as to extend the term of your mortgage. Since this a secured loan in other words, this should not be impossible. This would reduce your monthly repayments.

Finally it always helps to check your credit score so that you know where you stand at each time.


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