Remortgaging Options If Your Credit Is Bad

For individuals who have a poor credit rating due to late payments, an IVA or bankruptcy, remortgaging may seem like a nearly impossible process. This is particularly true in today's financial climate, where lenders have tightened their restrictions and their funds to make it much harder to get a loan. However, a time of financial hardship may be the perfect opportunity to try to work your way out of an expensive mortgage product in favour of a more affordable one.

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The good news is that many lenders are now offering mortgages specifically for customers with less than stellar credit, and the increase in products has made the market for bad credit mortgages much more competitive. This means that while you will still pay more for your remortgage than someone with perfect credit, the rates are slowly coming down on these products.

It is important to note that most banks will require at least 10% equity in the property if you are applying with a poor credit rating. You may also be subject to additional fees or charges, depending on the bank or building society you choose.