It is possible to remortgage with bad credit

It is a daunting process trying to obtain a remortgage with bad credit history especially in the midst of a recession and with the global economy down. Many borrowers are finding themselves in a position of hardship and having to consolidate debts and as a matter of priority save on their monthly outgoings.

Bad credit can occur when borrowers have had issues with late payments for mortgages, loans and credit cards and this can result in arrears with their existing mortgage payments and latterly county court judgements (CCJ'S). This can all result in a mortgage or credit card applications being turned down and a record of this on the applicants file. This adverse information can then lead to future applications being rejected as this is seen as the borrower being of more of a risk to lenders. Securing a remortgage with bad credit can then become a complicated and overwhelming job for borrowers who find themselves in these circumstances.

Some specialist lenders are willing to offer borrowers a remortgage with bad credit history although generally speaking in the current mortgage climate they are limited. Lenders view a remortgage with bad credit as a greater risk and the amount of interest charged on a poor credit remortgage is normally higher than conventional mortgages. Each remortgage application should be judged on the individuals situation and requirements and a mortgage broker is usually the best experienced advisor to place a successful mortgage in these difficult circumstances.

It is vital that the Deal Direct mortgage brokers have all of their clients bad credit history details so we can place borrowers with the most appropriate lender and access the best mortgage deal available for your circumstances.