Credit Problem Remortgage

While it is true that there are a variety of different companies that specialise in providing loans for people with credit problems. Remortgage offers and similar loans should be carefully considered before any final decisions are made, as their conditions and interest rates are often quite different from many other types of mortgage deal.

 

When searching for an appropriate remortgage, it is always recommended to shop around and compare mortgage deals in order to find the best possible offers.

 

For customers with credit problems, a remortgage from a specialist ‘bad credit’ provider is often the only option in some circumstances.  Managing a large number of debts can be extremely stressful for anyone, luckily however, customers may be able to remortgage their property in order to consolidate their debts into one single payment.

 

If you have credit problems and need to remortgage your property, feel free to look at our mortgage comparisons table below for more information on the various remortgage deals that are available:

Current Mortgage Deals
Initial RateProviderPeriod ToTypeAPR*LTV 
1.90% ING DirectJun 2019Discounted Variable 3.40% 70% More >
1.98% Skipton BSApr 2019Variable 4.70% 60% More >
1.99% first directApr 2019Variable 3.60% 65% More >
1.99% Royal Bank of ScotlandMay 2019Variable 3.80% 50% More >
1.99% The Mortgage WorksJun 2019Variable 4.60% 70% More >
*APR - Overall Cost for Comparison
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Latest Mortgage Deals Selection

Provider

Type

Initial Interest Rate

Initial Term

Max LTV*Product Fee 
Fixed

2.49%

Reverts to 4.70%

5

Years

75%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.00% APRC. This is the cost of the mortgage over the full term.
Fixed

2.69%

Reverts to 4.70%

5

Years

80%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

*LTV = Loan to value (how much mortgage you have or require in relation to the value of your property).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products are a selection of top deals available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you contact our independent mortgage broker team at - independent mortgage broker or call on 0117 332 6063

Generally speaking, providers that offer this service to customers with credit problems will pay close attention to any previous problems or issues with the borrower’s credit rating. They may also offer a remortgage loan at a significantly higher interest compared to many other mortgages offered by high street providers.

 

This higher rate of interest is effectively used by providers to compensate for any risks that may be involved with lending money to customers with poor credit ratings. If at the end of the mortgage agreement all debts have been paid in full without any late payments, borrowers could expect their credit rating to improve, resulting in better interest rates in the future.

 

Like most loan providers, mortgage companies that operate in this field are generally risk averse. Meaning that the worse the customer’s credit problems are, they less likely they will be to offer them a competitive deal on their remortgage compared to customers with a more reliable credit rating.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker