The term remortgaging with bad credit (bad credit remortgage) refers to the process of remortgaging properties to raise finance or achieve a better interest rate. Remortgaging with bad credit is usually the only option available to people that have poor credit or have CCJs (County Court Judgements).
People facing bankruptcy are also able to remortgage with bad credit to raise finance against their existing assets. Remortgaging with bad credit is essentially a secured loan that allows people to get access to cash without paying interest rates which are as high as unsecured loans or credit cards.
Solution Mortgages have access to lenders who are willing to lend money to people with a poor credit rating but the interest rates can be higher than traditional high street lenders to reflect the risks involved.
Remortgaging with bad credit is sometimes called a bad credit remortgage and is essentially a secured loan as the borrower is willing to put up his property as collateral for the loan. Since the property is already mortgaged, the lender will look at various parameters before deciding on the interest rate and terms and conditions of the mortgage.
If you are planning to remortgage with bad credit you should view the various options available to you.
Speak to Solution Mortgages today about a bad credit remortgage by calling 0845 123 1260 or apply online at www.solution-mortgages.co.uk