Bad Credit Remortgage - FAQ

At Homebank Financial Services Limited, we believe in giving you as much information so that you feel comfortable and confident with taking out a bad credit remortgage.

If you think a bad credit remortgage sounds as if it could be the answer to your financial problems, check out our FAQ's below.

What is a bad credit remortgage?

A bad credit remortgage works just like an ordinary remortgage, except it is designed specifically for people who are in debt or who have a bad credit report. Traditional lenders may turn you away because of this bad credit report. The bad credit remortgage caters for this gap in the market. There are many types available and you should speak to an advisor about finding a bad credit remortgage that suits your circumstances and budget.

Why will traditional lenders not offer me a bad credit remortgage?

Banks and building societies base their decisions on whether or not to grant loans of any kind on your credit history. If you have bad credit such as mortgage arrears, IVA's or bankruptcy than you will be turned down for a remortgage product. As a person with bad credit you represent a greater risk. As such, a bad credit remortgage will probably have slightly higher interest rates and there may be additional conditions attached depending on your present financial circumstances.

Do I have a wide choice of bad credit remortgage products?

Yes, there is a growing market for bad credit remortgages and as such it is becoming a more competitive market, which is good news for you. A professional mortgage advisor will find the best value product that suits your circumstances, from their available panel of lenders.

How can I find the right bad credit remortgage?

Speak to a mortgage advisor who has expertise in bad credit remortgages. They will know the market well and have access to a wide range of lenders so they can find you the most competitive product.

Is there a risk?

Like any mortgage product, you are using your home as security and although you will be making smaller monthly repayments, it's likely that you will repay more interest over the revised term.

Where do I start?

If you want to begin the process of applying for a bad credit remortgage, then phone Homebank free of charge to fix your appointment with one of their expert advisors.

Homebank have qualified mortgage consultants ready to advise you with your mortgage and insurance needs. For informative and insightful bad credit remortgage advice, call us to arrange a no obligation appointment to suit you. Homebank have mortgage consultants throughout the country who work throughout the day and evening. Homebank are the 'people's mortgage broker' with over 2900 mortgage products to choose from, Homebank's experienced consultants could find the ideal product for you - call Homebank now on freephone 0800 052 3604.