Bad Debt Remortgage Advice
If you are having a problem obtaining a remortgage from high street banks, you may wish to consider other remortgage solutions. Problems associated with bad debt may include CCJs, mortgage arrears, bankruptcy, or employment problems.
Many people in the UK currently have poor credit ratings, which may make it difficult for them to find an appropriate mortgage to suit their needs.
A bad debt remortgage could be a solution to your remortgage requirements. Bad debt remortgages act much like a standard remortgage, however they are designed specifically to meet the needs of those who have adverse credit histories.
There are a number of different lenders who could offer you competitive bad debt remortgage deals. You might therefore like to compare bad debt remortgage quotes offered by several of these lenders to ensure that you are getting the best possible deal.
Here are some tips that could help you as you look for a bad debt remortgage:
Compare bad debt remortgages
As bad debt remortgages tend to carry higher interest rates than that of standard mortgages, it could be crucial to compare deals to ensure that you are getting the best rates available to you.
Use a mortgage calculator
A mortgage calculator could help you to assess the long-term of costs of a remortgage, and help you to work out whether or not it is a financially viable option.
Take remortgage fees into consideration
As with standard remortgages, bad debt remortgages will generally be subject to a number of charges; among these charges could be fees for arrangement and valuation, legal costs as well as payments that you may have to make to your existing lender.