A remortgage could be your best option to help you restructure
your finances. With the right remortgage loan, you can lower your
monthly mortgage payments, pay off your existing debts and simplify your
monthly outgoings with a debt consolidation loan. There are many good
reasons to look into a remortgage, but you may be concerned that bad
credit will affect your chances of being considered. If you've been
putting off looking into your options, then you should know a few things
about remortgage and bad credit loans.
The usual reason for looking to a remortgage is to lower your
monthly payments. There are two ways to do this. The first is to find a
lender who will loan you money at a lower rate of interest than you are
currently paying. The second is to find a lender who will let you take
longer to pay back your loan than the mortgage you are currently
holding.
If you are currently making payments on a bad credit mortgage and
are assuming that your credit is still bunged, don't make assumptions.
Before you go looking into the options, find out where your credit
really stands. It may not be quite as bad as you think.
Even if it is as bad as you think, the very fact that you own a
house will stand you in good stead for finding the right deal, but you
may have to be a little creative. Always start by approaching your
current lender to see if you can work out a remortgage deal with them.
As improbable as it may seem to you, you have one simple fact in your
favour - they would really rather have you paying off a remortgage than
be forced to reposes your house.
If a remortgage through your current lender isn't practical, it's
time for you to do some hunting. The internet makes your search far
easier than it would have been just a few short years ago. You can
easily find and compare lenders who offer remortgage loans, including
those who make bad credit secured loans.
You can even submit a few details online and get a list of lenders who
would be happy to speak with you further about the options available to
you.
Rachael Gallant has worked for the UK financial services
market for a number of years specialising in secured loan applications
for UK home owners. She understands how time consuming it can be trying
to interpret the associated jargon which is why she writes clear, easy
to understand guides exclusively for "Secured Loans Centre".
