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All About Adverse Credit Remortgages
In recent years, adverse credit remortgages have become a popular choice for people seeking to refinance their property who suffer from impairments to their credit files. Regular high-street banks will usually not refinance your property if you have a poor credit history. However, there are specialist home loan products to suit this situation available from various sub-prime lenders that may be appropriate.
The term “adverse credit” refers to a situation in which an individual’s credit history is imperfect. There are a number of factors which can contribute, including County Court Judgements, defaults, arrears, bankruptcy, and IVAs. Even simple matters such as changing address too frequently or applying for several credit products within a short space of time can negatively affect a person’s credit file.
Adverse credit remortgages are popular in the UK, with property owners rarely keeping the same home loan product for more than five years. Changing products may occur for various reasons, including securing a better interest rate, freeing up equity, and consolidating debt. Moving house is also a reason for refinancing a home if the existing mortgage is not portable and transferred to the new property.
Specialist adverse credit remortgages can help people to rebuild their credit files. If a borrower suffers from credit impairments and cannot apply for a regular home loan product, they may be able to secure a specialist product that is designed to help people sort out their credit situation. If the borrower keeps up the repayments on the adverse credit mortgage product they may eventually repair their credit file. This process can take several years but when it is complete and the borrower’s credit history is more favourable they may be eligible to apply for standard mortgage products once again.
No matter what your individual financial position is, there are likely to be a number of home loans designed for people with credit impairments which you can apply for. There are products available to suit all kinds of situations including self-certification mortgages for the self-employed and other workers who have trouble proving their incomes.
Self-certification products are designed for people who cannot fully prove their incomes. This can happen when the applicant is not engaged in permanent employment with a steady income stream and instead is self-employed, or employed but paid through an intermittent income arrangement such as commissions and bonuses. Some self-certs even allow for minor credit impairments so they could be useful for a wide range of applicants.
Some remortgages can even be arranged up to 100% of the property’s value. This can be particularly useful to borrowers need to consolidate other debts such as credit cards and personal loans. Debt consolidation is popular these days and is frequently used as a method for getting out of financial difficulty.
Whatever your situation, contact a qualified mortgage adviser if you are searching for adverse credit remortgages to suit your personal situation. An independent adviser will help you to sort through the home loan maze and select the right product for you regardless of your credit history and employment situation.
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