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The past few years have seen low interest rates and an increasing number of mortgage products becoming available. As a result, more and more people are realising the importance of reviewing their existing mortgage arrangements, especially if they have bad credit caused by previous unpaid debts or late payments.
Even if you have credit problems, there is a good chance that a bad credit remortgage could save you money or let you raise extra cash to pay off existing debts, carry out home improvements, buy a new car, or pay for a wedding or the holiday of a lifetime.
A remortgage is a mortgage you take out without moving home. Remortgaging can be a great way of switching to a better mortgage deal. This could be with your existing mortgage lender, but is often than with a different bank or building society. If you have credit problems, bad credit, or have been turned down by a high-street mortgage lender, then a specialist bad credit remortgage lender may be the solution to your problems.
Until fairly recently, many people didn't bother to remortgage regularly, but over the past few years that has begun to change. According to the Council of Mortgage Lenders, in January 2003 (for the first time ever) remortgages made up more than half the total monies advanced by UK mortgage lenders.
One of the most common reasons why people take out a bad credit remortgage is to reduce costs. By switching to a lower interest rate you can enjoy the benefits of lower monthly repayments. Or you can keep the monthly mortgage repayments the same, and so repay the mortgage in a shorter time and reduce the overall term of the mortgage.
Another reason to consider a bad credit remortgage is if you want to raise additional cash by releasing some of the equity tied up in your home.
Rising property prices mean that many people have mortgages which are well below their home's current value. This difference between the value of the property and the size of the mortgage on it is known as equity. Lots of mortgage lenders will let you to take out a bigger mortgage in order to free up some of this equity. The cash that's released in this way can be used for all sorts of different uses, such as home improvements, holidays, a new car, or to pay off existing loans and credit cards.
In the current market, it is not uncommon for someone to be able to raise an extra sum of money against their property and still save money on their total monthly repayments.
If you have had bad credit in the past, you may find that a bad credit remortgage means you can take advantage of a lower interest rate. Or you may be able to use a bad credit remortgage to pay off any debts that you have. This is called a debt consolidation remortgage.
It is usually quite simple to arrange a bad credit remortgage. There are no chains of buyers to worry about or new properties to search for, so the whole process can often be completed in a few weeks.
For remortgages and bad credit remortgages there is no stamp duty to be paid, as you are not purchasing a property. Many remortgage lenders run special offers where they will pay some or all of your valuation and legal fees.
There may be an arrangement fee or booking fee from the new mortgage lender. There may also be redemption penalties on your existing mortgage. When working out how much you could save with a remortgage, you will need to take these factors into account.
Your mortgage is likely to be your single biggest financial commitment and outgoing. Therefore it makes sense to spend a bit of time making sure you always have the best possible mortgage deal.
If you have bad credit, there are fewer options available to you, but there are still plenty of bad credit remortgages available. To save time and hassle, it makes sense to get help from a
bad credit remortgage consultant.
For a free no-obligation assessment of whether remortgaging is right for you, please complete
our online quotation request and we will arrange for a qualified professional remortgage adviser or broker who specialises in bad credit
remortgages to contact you, free of charge, for a no-obligation discussion.