Remortgaging your property is one the best ways of freeing up some extra cash that you have built up in equity. But, when it comes to applying for a remortgage when you have bad credit, things are not as straightforward as you would hope them to be. And, having an existing mortgage on your property is no means a guarantee that you are going to find it easy to secure a remortgage. However, while the road to securing a remortgage may not be simple, there are lenders in the market that will allow you to remortgage your property if you have bad credit.
What Is A Bad Credit History?
Your credit history shows a historical record of how you have managed your finances and debt repayments in the past. There are numerous reasons why you might suffer from bad credit, such as missed repayments, defaults, bankruptcy, CCJs, DMPs or IVAs. Your credit history and score is used by mortgage lenders to determine whether you are a good candidate to grant credit to or not. If you have a bad credit history then your credit score will be low, you will be deemed as a risky borrower, and it will make it more difficult to secure credit.
How to Check Your Credit Score
To check your credit score, you will need to use a credit reference agency who will be able to produce a report based on your financial situation. The different credit reference agencies produce slightly varied reports as they use different ranking systems to determine whether you have a bad, average or good credit rating.
Can I Remortgage With Bad Credit?
If you suffer from a bad credit history, then you will find it more difficult to remortgage your property. But, it isn’t impossible. The ease of securing a remortgage with a bad credit history will be dependent on a number of different factors, including why you have a bad credit history in the first place. However, different lenders take different factors into consideration. For example, you might find that one lender will accept your application even if you have an IVA, while another one may reject you based on missing some repayments on an existing credit product.
To successfully gain access to lenders who specialise in bad credit remortgages, you will need assistance from a bad credit mortgage broker, who will be able to help secure the remortgage on your behalf. Pinnacle Finance and Property Group have access to the whole market of lenders, so we can source you the best deal that suits your financial circumstances.
How Pinnacle Finance & Property Group Can Help
When you choose Pinnacle Finance & Property Group, we will go that extra mile to arrange a remortgage for you. We can advise you on your eligibility for a remortgage, find you the most competitive credit rates, compare deals with you and help make the entire remortgage process more bearable. Being a whole of the market mortgage broker means that we are not tied down to a panel of lenders and can deliver rates that you won’t find on the high street. Why not get in touch with Pinnacle Finance & Property Group today to learn more about remortgaging your property with bad credit.