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Within the last few years, there has been a big increase in the popularity of remortgages. Not so long ago, it was common for people to stay with
one mortgage lender from the day they bought their first home until the day they finally paid off their mortgage.
Not any more though. Recent years have seen an increase in competition in the mortgage market. This has led to a much wider and better range of mortgage offers available to borrowers. As a result, people are now more inclined to shop around to get the best mortgage deal.
When you first take out a mortgage with a particular lender, they are likely to offer various special deals, such as a fixed rate mortgage, a discounted rate mortgage, or a capped rate mortgage. Typically, the period of the special offer will be between two and five years. Once that period is over, the mortgage reverts to the lender's standard variable rate.
It is at this point that many people then look around to see if they can get a better deal from a new mortgage lender. If they do, then they can arrange what is known as a remortgage - in other words, they take out a new mortgage (on better terms) with the new lender and use that to pay off their original lender.
If done properly, this can be a great way to keep the cost of your mortgage down and save you a large amount of money in interest payments.
People who have poor credit will find it harder to arrange a remortgage than borrowers with a good credit history. This is because the mortgage lenders view someone with poor credit as a higher risk.
However, there are now a number of lenders who are keen to help people with poor credit, and so there is a fair bit of choice available for people who are looking for poor credit remortgages.
As well as possibly saving you money, poor credit remortgages can also be used to unlock some of the equity tied up in your home. If your home has gone up in value since you arranged your last mortgage then the value of the property will be more than the size of your mortgage. The difference between the value of your home and the amount you owe on your mortgage is known as equity.
You can use a poor credit remortgage to extract some of this equity as cash which you can then use for all sorts of things. You could use a poor credit remortgage
to pay off other debts, buy a new car, pay for a holiday, carry out home improvements, pay for a wedding, or anything else you can think of.
If you are interested in arranging a poor credit remortgage, it makes sense to take expert advice or guidance. Not all lenders offer poor credit remortgages,
so you could save yourself time and disappointment by letting a mortgage broker who specialises in poor credit remortgages do the hard work for you.
To contact a poor credit remortgage broker, just fill in our online enquiry form.