It’s possible to remortgage with bad credit, especially if your credit problems are quite minor, like a single late payment. As with any other mortgage applicant, you won’t be eligible for some of the better deals available to those with good credit. Interest rates and fees will be higher.
In 2021, the government launched the mortgage guarantee scheme aimed at helping buyers who have only 5-9% deposit. Not all lenders use the scheme. That means you’ll have less to choose from which might make it harder to find a lender that’s both on the scheme and able to lend to people who’ve had credit …
Your lender will ask you to gather a few documents to complete a remortgage. These might include: Your last three months’ bank statement Your last three months’ pay slips Your last two to three years’ accounts/tax returns if self-employed Your latest P60 tax form (showing income and tax paid from each tax year) Passport or driving …
You should always factor in the fees you’ll need to pay before remortgaging, which can include: Arrangement fees: Most mortgages have arrangement fees which range from around £100 up to a couple of thousand pounds. Mortgage deals with the keenest rates tend to have the highest fee Legal fees: You might have to pay for a solicitor to take care of any legal …
The main cost of your remortgage will be decided by the interest rate your lender sets. They’ll usually decide this by considering the following factors: Your loan to value Your credit history
Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender.
Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender.
Remortgaging to release equity means borrowing more than with your existing mortgage. If you’re nearing the end of your current deal, you could look to remortgage for a larger amount, but this will depend on your affordability and what percentage of the property’s value you are looking to borrow. If you can’t or don’t want to change your initial mortgage, …
You don’t have to use a solicitor, but it can take the worry out of making sure that the deeds of the mortgage are safely transferred to the new lender. Fortunately, most remortgages include a free legal package so your lender will take on the cost of the solicitor. Remortgaging is also generally more straightforward than a new mortgage …
Yes, but it will depend on the terms and conditions of your existing mortgage – and may work out expensive. Many mortgages have an early repayment charge , which can mean it’s cost prohibitive to remortgage before the end of the introductory period. But even if you’re locked into a deal, you don’t have to wait before looking at …
