Compare Adverse Remortgage
If you have an adverse credit history, you may find it particularly difficult to find a suitable remortgage at a price that would suit your budget. However, it is not necessarily impossible to find a remortgage if you have a poor credit rating. If this is the case, then there are various remortgaging services available to you even if you are unable to get one from high street banks.
Advantages of remortgaging include:
Reducing your monthly payments if you have a problem keeping up with your current outgoings
Releasing money to spend on other things
Enjoying a fixed rate so you know where you stand financially
Consolidating all of your existing debts into a more manageable arrangement
Potentially saving money by finding a discount remortgage rate
Being able to get a remortgage despite having problems with an adverse remortgage in the past
When choosing an organisation for your remortgage, you should be aware that even though your monthly payments may decrease, you will be extending the term of your debt and the total amount that you end up repaying could be higher. There may also be various fees that they might charge, such as mortgage valuation fees, arrangement fees, exit fees, early repayment fees and legal fees.
There are a number of specialist lenders who could offer you an adverse remortgage deal. It could be a good idea for you to contact a number of these to see what each might be prepared to offer you, before opting to invest in a particular adverse remortgage deal.
The following comparison tables could be of use to you in your search for a remortgage deal.
Currently, many people in the UK have poor credit ratings, yet this need not prevent them from getting a remortgage. Adverse remortgages tend to work in a similar way to a standard remortgage, in that it would replace an existing mortgage for a new mortgage that could sometimes work out as a better deal for you.
However, as those with poor credit ratings tend to present themselves as more of a risk to lenders, an adverse remortgage could be fairly difficult to obtain.
It should also be noted that interest rates on an adverse remortgage could be significantly higher than that of a standard remortgage. It could therefore be all the more important to shop around with different providers to ensure that you get a good deal on an adverse remortgage.
Remortgaging itself can also be a fairly costly business; therefore it is important that you make yourself aware of any charges that you might have to pay when applying for an adverse remortgage. These could comprise the following:
- Administration fees
- Surveyor fees
- Charges that you might be expected to pay your existing mortgage lender
- Legal costs
Finding the best remortgage deal for you is a matter of comparing the offers that are available in the market, and our easy to use comparison tables are designed to help you do just that.