Poor Credit Remortgages
Have you been refused a remortgage or further advance from your existing lender?
Are you looking to mortgage out of an existing mortgage with a poor interest rate?
Looking for a bigger choice than the ones offered by the comparison websites?
Need to be rewarded for a better credit history/improved earnings?
Frequent Finance have lenders offering:
- Near prime, light adverse and heavy adverse remortgages
- Initial interest rates starting at 1.9%
- Variable, fixed and discounted rates
- Arrangement fees as low as £239
- Choice from a large panel of lenders from multiple sources
- Flexible approach to valuations and loan to value calculations
- Self Employed and Employed
- Raise money for home improvements or purchase of another property
Frequent Finance have new lenders as of 2017
One of the key ways to reduce the timescale of securing your remortgage is to apply to the right lender first time. Obviously if you have a poor credit history the highstreet banks and building societies
Will my credit cards, car finance, shopping catalogues and other commitments effect my application?
The short answer is probably, YES. Try to pay down any credit card balances if possible. Your better off waiting to change your car till after you have qualified for your remortgage as a monthly car finance payment will dent your affordability for your monthly mortgage payments. Most lenders have to be confident you can easily afford your payments even after things like holidays.
What if the lender wants to look at my bank statements?
Things they might not like:
- Payday loans
- Significant gambling activity
- Bounced standing orders
- Bounced direct debits
- Persistent use of overdraft facility
- Large deposits or payments that may require your explanation
- Above average amount of money spent on travel, hobbies and holidays
- Large ATM withdrawals
What they may like to see:
- Your salary each month coming from the same entity as your wage slips or accounts.
- Utility bills, council tax and other normal services
- Payments consistent with your previous disclosures for items like personal loans, student loans, hire purchase, car finance, secured loans, credit cards, charge cards and other credit commitments.
- Other commitments like insurances, pension contributions, property service charges and child care
- Income from stocks and bonds, again consistent with your previous declarations