Solution Mortgages
19 January 2018
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poor credit remortgage

A poor credit remortgage can be taken out by anyone who has a poor credit history.

You may have obtained a poor credit history because you have missed payments on your current or previous mortgage or have had a County Court Judgment (CCJ) placed upon you.

As mentioned above a poor credit history does not necessarily mean you will be able to get a mortgage. Solution Mortgages has access to lenders who will consider applications from people with a poor credit history.

If you are struggling to meet your payments across a range of credit, you could consider raising capital on your property to pay off your loans and credit cards and end up with one affordable monthly payment. You can increase the term of your mortgage if you wish which will bring down your payments and make them more affordable but it will also increase the amount you pay back in the long term. This is because you will be paying more interest. However the sensible thing to do, would be to decrease your mortgage term again when your financial circumstances improve.

A poor credit remortgage can be used to rebuild your credit rating, as lenders want to see your current credit commitments being paid. Once your monthly payment is affordable after the poor credit remortgage has taken place, you will be repairing your credit as you pay each monthly instalment. After 2 years of doing this every month and if you do not obtain any CCJs you will be eligible for even better interest rates.

To find out how Solution Mortgages can help you with a poor credit remortgage, please call 0845 123 1260 or by filing in the Call Me Back enquiry form.

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Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.