If you want to remortgage on your property but you do not have a good credit score, don't automatically think you can't get a re-mortgage, come and speak to Mortgage Advice Services - they can advise you but there are some important steps you will need to follow in an effort to be considered for a remortgage with a bad credit rating.
Apply where credit scoring is not used
Mortgage lenders who do not use credit scoring in considering remortgages will be of great help in case you have a bad credit scoring.
In this case you have to be able to explain to the lender why your credit scores are poor.
Do not consider lenders mortgage insurance
Whenever you apply for a home loan, the remortgage process requires two approvals in case your mortgage exceeds a certain percent. One is obtained from the lender and the other the Mortgage insurer, who sides with the lender ensuring that the lender is repaid in the event of defaulting on the loan. Avoiding this kind of insurance will save you the scrutiny from the mortgage insurer and therefore increasing your chances of being awarded the remortgage on your property though with a bad credit score.
Prove that your financial situation has improved
In case you previously incurred financial problems, you will be challenged to demonstrate that you have improved from that state. You have to prove that your financial commitments are being addressed on time. You have to also bring forth how you save and regular saving together with good record in paying rent and utilities will boost your chances of getting the remortgage on your property.
Try a specialist lender
Mainstream lenders may turn down your application for a remortgage on your property but do not give up. Specialist lenders can be of great help in such circumstances. These specialist lenders usually focus on the part of the risk involved.
Make your applications appropriately
It important that you make applications to very few lenders in an effort not to taint your credit report, this is because each application is usually recorded.
Seek advice
It is highly recommended that you seek advice concerning remortgaging on a property with a bad credit rating. Nottingham Remortgage advice will be of help, just call them or visit
http://mortgageadviceservices.com/to get professional advice.
Labels: benefits of re-mortgaging, mortgage advice nottingham, Nottingham mortgage advice, re-mortgage advice, the re-mortgage process
