Adverse Credit Mortgage: Getting a Bad Credit Remortgage

Over a period of time an individual can build up a substantial financial resource which is locked into a house or property. Such a resource is built up from both repayments on the mortgage, as well as any rises in property prices that have been experienced. If one wishes to unlock this recourse then a remortgage is one option to facilitate equity release.

Adverse Credit Mortgage

Bad Credit Remortgage: Reasons to Apply for a Remortgage, Home Improvements and Equity Release

There are several reasons for which an individual may wish to access the financial resources which are currently tied up in a property, here are a few key reasons:

  • Home Improvements – One consideration is that an individual may be able to enhance the value of a property further by making home improvements or extending the property. As such, a remortgage can be one way of funding the improvements at a reasonable rate of interest.
  • Debt Management – Another key reason for taking out a remortgage is to help an individual with debt management problems. Here an individual may choose to remortgage a property and use the money to pay off more expensive sources of debt, thus saving money on interest charges.
  • Equity Release – Another consideration is that an individual may simply not wish to have such a high level of capital tied up in a home or property. As such, taking out a remortgage acts as financial product which facilitates equity release from the property.

Adverse Credit Mortgage: Where to Obtain a Remortgage with Bad Credit

If one suffers from a poor credit rating or has had an adverse credit history, then in many cases lenders may be reluctant to issue mortgages and remortgage products. However, a poor credit history should not be seen as a bar to obtaining a remortgage on a property, so long as the borrower is willing to shop around.

The best stating place for the borrower may be to make contact with mortgage brokers who specialise in adverse credit mortgages and bad credit remortgage products. Such specialist brokers will have access to a wider range of poor credit mortgage and poor credit remortgage products allowing the borrower to consider a wide range of products and options.

In summary, there are many reasons an individual may wish to take out a remortgage, from making home improvements to debt management issues. If one suffers from a poor credit history, then this should not stop an individual from accessing a remortgage however, in such circumstances one may need to consider using a mortgage broker who specialises in bad debt remortgage and adverse credit mortgage products.

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