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What if I Own my Property Outright?
Can I Remortgage with Arrears?
Can I Remortgage a House with Defaults?
How Can Friends Capital Help with a Remortgage with Bad Credit?
If you need to remortgage and have a low credit score, you may have already been declined by a lender. Many people believe that they can’t remortgage their home because they have a history of bad credit. Whilst it can be difficult, it’s not impossible if you have the right mortgage advisor to help you.
Friends Capital have existing relationships with lenders of used to dealing with customers who have impaired credit or a low credit rating. We can help you find the most suitable mortgage deal. We will review your personal circumstances and then search the entire market to ensure you get the best mortgage rates possible applicable to your current credit rating or score. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can:
There are many reasons why you would want to remortgage a property and raise capital, including:
You may simply want to change mortgage lenders, or negotiate a better rate than your paying now. This way you can save money on your monthly payments.
Bad credit remortgages can be harder to arrange, and while you won’t typically be offered the same competitive rates as someone with a clean credit rating, this doesn’t mean that you should settle for less. We work with adverse credit remortgage specialists and know all the providers who can consider bespoke deals for those who don’t fit the standard high street lender.
If debt is, or is one of, the challenges causing your bad credit, you can remortgage to consolidate your debts. If you meet certain criteria, there are lenders who will consider your application, even if you have bad credit.
This is often referred to as an unencumbered mortgage and they would usually be treated the same as a standard remortgage or a regular purchase mortgage, depending on why you’re borrowing. Bad credit mortgages on unencumbered properties are subject to the same criteria and assessments as regular mortgages. Speak with an independent mortgage advisor for advice on this.
When it comes to remortgaging a home with mortgage arrears, things can become a lot trickier, especially if there are other credit issues. When someone has missed payments on their mortgage and it’s fallen into arrears for more than one month, it indicates a real issue in the borrower’s ability to repay and, therefore, their overall creditworthiness for a new application. This is where a mortgage advisor can help with advice and to help find a lender who may take you on as a customer.
Defaults on a borrower’s credit file are one of the most common reasons for declined mortgage applications. There are lenders out there who specialise in providing mortgages for people with defaults. So, remortgaging with a default is certainly possible, but there are plenty of other influencing factors at play. A mortgage advisor can not only find you the best lender for your situation but fill in your application to ensure the best chance for acceptance possible.
Friends Capital have pre-existing relationships with lenders that welcome bad credit mortgages. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:
Step 1
Either call us, email us , book an appointment online or request a call back below.
Step 2
One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation.
When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available.
If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’.
If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf.