It might be more difficult to borrow, but you do have a few options if your credit score is low, bad or poor. Many unsecured loans providers are unlikely to lend to you if you have poor credit, but.
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Although you might struggle to remortgage with bad credit, with the right lender it is possible to do. If you have previously taken out a mortgage with bad credit, but have since improved your credit score, then you might find that you can save money by switching to a different provider with a better interest rate.
Bad Credit Mortgages . The bad credit mortgage is often called a sub-prime mortgage and is offered to homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan.
Can I Remortgage with Bad Credit? If you are a homeowner and need to raise cash for something – for example, a new car, a holiday or home renovations – a remortgage is an excellent method of releasing capital in an existing property.
We specialize in bad credit mortgages. Qualify for a mortgage even with bad credit. We offer sensible mortgage solutions to borrowers who do not qualify for traditional financing. If your credit is bad or challenged, depend on us to arrange a solution that meets your needs.
A bad credit report doesn’t always mean you’ll be declined by lenders when remortgaging. While having a bad credit rating is not ideal, particularly if you want to remortgage, there are some specialist lenders that will still review your application.
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Bad credit can happen to anyone. All it can take to damage your credit score is a few missed bill payments, some maxed out credit cards or even life circumstances beyond your control, such as divorce or serious illness.. When you have a lower credit score, it can be much harder to get a home loan. You might also be subject to higher interest rates and fees than someone with better credit.