Bad Credit Remortgages

Traditionally, individuals with bad credit histories could not easily obtain a remortgage. While bad credit mortgages were available from some specialist loan companies, these usually had considerably higher interest rates compared to regular remortgages.

Fortunately, thanks to the growth of the financial market, mortgage companies are realising that the field of bad credit mortgages and remortgages is highly competitive. This is mostly because one in four individuals (statistically) have some form of adverse credit attributed to them, most commonly due to a missed credit card payment. Whatever the reason, the present state of the market has resulted in more options being made available to people with bad credit who need to apply for a remortgage.

The same usual process applies to bad credit remortgages. A credit check in still conducted, but not necessarily in all cases. If you are applying for a bad credit remortgage, you should still expect to pay a higher rate of interest for a smaller maximum amount compared to someone with a good credit score. Early redemption fees on bad credit remortgages tend to be very high, so keep that in mind when reviewing your options.