Tag: Lending

Beginner’s Guide to Dealing With Remortgaging With Bad Credit

Beginner’s Guide to Dealing With Remortgaging With Bad Credit

You can get funds from your existing ownership of a house even though you are still servicing its mortgage and you currently are in bad shape with your credit. You may not know much about the available options, but the Jubilee remortgage finance experts are the best people to approach. Further, this article should give you all you require to know.

Remortgaging problems when you have bad credit

financeThe lenders see you as a risky borrower and they want to limit their losses. You have better chances when you opt for a lender who already accepts people with bad credit since the lender has mechanisms for reducing the perceived risks of the borrower. In most cases, the bad credit remortgages face an uphill approval task, but this does not imply that it is impossible to get them approved.

You can still work your way around the hurdles and come out victorious. Usually, the lenders have more work to do to get your finances, and they see that doing that for you is a waste of time and opportunity for serving other people with good credit.

Check your credit report

Your credit report is the major factor causing you to have problems with remortgaging. You can improve it over the long-term. However, as you seek credit options in the short time, consider making the minimum payments on all your existing loans so that lenders see you as a recovering responsible borrower.

Map out your options

Approved loanYou have many options for remortgaging and you need to consider all of them to make the most efficient choice. You can go with high street lenders that will favor clean credit applicant. Your task will be to do much of the legwork for them so that they see your application as favorable since it needs less time to approve. You need to attach all types of documentation confirming your borrowing status and assets.

However, you can save money and time by going to the finance experts. They take a chance with your case and expect you to pay them when your bid goes through with the lender, and you get your money. Therefore, they are cheap. You will not have to pay them a lot of money other than the facilitation fees when you do not qualify. They also do not give a limit to the number of times to try.

Get different values for your property

The loan value you receive will depend on your valuation of the property, and some lenders may use your ignorance to their advantage. You need to consult real estate agents to find out what your property would fetch in the market.

After doing that, you will then approach your various lenders or the remortgage specialist with the value offers to see the counter offers they give you. You will be surprised by the difference in loan offers you get when you have an independent valuation done on your property versus when you only rely on the lender’s or specialist’s valuer.…