Adverse-Credit-Mortgage.org - The place to find adverse credit remortgages
Adverse Credit Mortgage.org
Helping you to secure the mortgage you need...Adverse credit remortgage
| Navigation: |
| Home |
| Adverse Credit Mortgage |
| Adverse Credit Mortgage UK |
| Adverse Credit Remortgage |
| Adverse Credit Mortgage Lender |
| About Us |
| Partners: |
| Loans |
| Loan UK |
| Loans UK |
| Office Supplies |
| Mortgages |
|
1. Business Mortgage Info
Get info on business mortgage from 12 engines in 1. www.info.co.uk |
.gif
)
|
|
2. Find UK Mortgages - Britishwebsearch.com
Let British Web Search do the hard work. Our British only search directory will find the best UK mortgage websites for you. The top websites listed in one place for your convenience. www.britishwebsearch.com |
.gif)
|
| List your site |
Remortgaging simply means that you are taking out a mortgage but you are not buying a house, the new mortgage will be secured against your current home, with the funds from this mortgage going to pay off your existing mortgage. You may wonder what the point is in such an action, after all you start off with a mortgage and end up with a mortgage for the same amount. The main reason for remortgaging is to move to a mortgage that offers you lower repayments, more flexibility, a shorter term or a combination of these.
Having an adverse credit mortgage means that you will have had problems in the past that prevented you from being offered a standard mortgage, such as arrears on previous loans, county court judgements or a poor employment history. The key to this is that these problems are in the past, and if you have kept up with the mortgage repayments then you could well have improved or even repaired your credit rating.
Finding yourself in a better situation
If your credit rating has improved since taking out your adverse credit mortgage, then you need to check into the mortgages offered not only by your current lender, but also from the many other specialist lenders in the market – see our list of the top adverse credit mortgages lenders. When you took out your current mortgage, if your credit rating was particularly poor you could well have a ‘medium’ or ‘heavy’ rated loan – an improvement in your credit rating could allow you to move to a ‘light’ rated loan and therefore make significant amounts on the interest repayments.Having a repaired credit rating
Meeting the repayments on an adverse credit mortgage for a period as short as three years could see your credit rating repaired totally – giving you the freedom to choose a standard mortgage and escape the inflated interest rates associated with adverse credit mortgages. If you have repaired your credit rating then the full range of mortgages should be available to you, including flexible, fixed rate, tracker and discount mortgages, so not only will you be making large savings on your interest repayments but will also have more choice and flexibility. See our list of the best mortgage providers for the companies you should contact to put you on track to saving thousands.Even if your credit rating hasn’t improved, you should still check with other lenders to see if better rates are on offer, as the market of adverse credit mortgages is constantly growing and competition between the lenders is constantly driving the costs downwards.
Potential costs
When looking to remortgage there are some aspects that you need to be aware of, these are mainly to do with the costs that you could incur during the remortgaging process.
Some lenders will look to tie you into your mortgage by including penalty clauses if you pay off the mortgage early or within a set period after the commencement of the agreement (a remortgage effectively pays of the existing mortgage amount, so it is treated by the lenders as early repayment). You will need to check with your current mortgage supplier to see if there any such charges associated with your mortgage regarding early repayment.
Even if you do have to pay these redemption fees, you could still be saving money by opting to remortgage – you will need to calculate the potential savings and weigh these up against any costs.
The potential new lender will require a survey to be carried out when assessing the value of your property, the original survey for your existing adverse credit mortgage will not be accepted. Surveys cost money and so you will need to take this into account when weighing up the savings, there is also likely to be administration costs for changing the mortgage over, however these should be lower than those associated with buying a new property.
