Remortgaging with a poor credit history.
Getting a mortgage or remortgage when you have a poor credit history was easier a couple of years ago before the credit crunch took hold. However, when you contact Crystal Clear Home Loans, you might be surprised at the range of products still available in this economic downturn. Our specialist advisors have access to a panel of lenders in the UK who may consider people with historic credit problems. The most important factors for remortgaging with poor credit are the age of any defaults on your credit score and how much equity you have in the property.
Over the years Crystal Clear Home Loans have... |
...helped many people looking to remortgage who have previously run into problems with repaying debt and ended up with a poor credit history for a number of reasons, including:
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However, sometimes you can get a poor credit history through no direct fault of your own. Crystal Clear Home Loans understands how easy it is to get into problems with debt, which is why we are ready to listen to customers and treat each remortgage application on an individual basis.
Your Credit Score is a reflection of your financial status and this can be influenced if you have experienced any of these types of debt problems in the past. There are also additional reasons why you could end up having a bad credit score. Other factors can come into play: for example, if you don’t have any credit against your name it is difficult for a lender to calculate how good you will be at repaying debt. In addition, should your name not be found on the Electoral Register (or ‘Voters Roll’), a lender may be wary about your identity and residential status
With an estimated 25% of borrowers in the UK having a poor credit score, many lenders now specialise in providing mortgages to this growing market (known as sub-prime lenders).
Sub-prime lenders offer the best chance to borrowers with poor credit of finding a new mortgage; however these lenders may charge higher rates of interest to compensate for the potentially increased risk associated with an applicant with poor credit.
A borrower’s credit record documents all of the financial problems that they have experienced. The mortgage lenders use this information when considering an application to assess whether the customer will be an acceptable ‘risk’. Many lenders will decline an applicant if they have too many blemishes on their credit record, classing them as high risk. The specialist lenders on Crystal Clear Home Loan’s panel take a different approach. They assess an application for lending, looking for reasons to lend, rather than reasons not to lend, with discretion to consider each application on an individual basis. So it IS possible to get a remortgage even if you have poor credit; just contact Crystal Clear Home Loans.
When you apply for a remortgage, the lender in question will award you a credit score by awarding points dependant on your answers to various questions on the application form. Each lender will have a certain pass mark in order to approve your remortgage application. If your credit score falls below that level, they might refuse your remortgage application or offer you a different remortgage product, but on slightly less favourable terms.
When evaluating your bad credit remortgage application, the lender weighs up the risk of lending you a sizeable amount of money and in doing so will consider a number of factors about you, including: your age; your current employment status; how much you earn; how much you want to borrow; and, perhaps most importantly, how good is your credit score.
Therefore after speaking with Crystal Clear Home Loans, in many instances you will be able to remortgage your home to pay off any outstanding debts. You should view your new remortgage as a programme of credit repair that will ultimately put your repayments back in line with some of the cheapest in the market.
If you think that Crystal Clear Home Loans may be able to help you secure a remortgage then please contact us as soon as possible today to speak to one of our experienced mortgage advisors and get your free no obligation quote.
If we can help you, we will tell you straightaway! If we can’t we won’t give you false hope or charge you up front fees or valuation fees when you are already struggling. Even if you feel there's no hope or way out - please don't worry. We have a very high success rate and we're very sympathetic to your situation.
All quotes from Crystal Clear Home Loans are free with absolutely no obligation to commit. You have potentially so much to gain and nothing to lose, so please contact us today.
