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remortgaging with bad credit? will it be a lot more expensive?
jadex91
Posts: 202 Forumite
we have still got loads to pay off. we are remortgaging, do you think it will be more expensive as my partner has bad credit?:money:
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Only one possible answer - yes !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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What is the bad credit? CCJ's, defaults, missed payments? When were they?
Are you looking to remortgage to clear debts?
Generally it would be more expensive however it depends on what rate you have now.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Depending on LTV it might not even be possible to switch lendersIt's a health benefit ...0
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it will all be down to the credit report if your partner has any bad credit within the last 3 years then it will be difficult to remortgage, as for the rates then they are not bad at all as they are all classed as near prime deals. Your LTV will have to be 75% or less to have any chance, then remember there is only one company that will let you go beyond the age of 65, there is also a minimum valuation of the property at 90k and you will need to proove all income with payslips and p60's and 3 months bankstatements to show the salary credits. It may be worth your while getting a broker to get a decision in principle for you. Send me a PM if you want to discuss further.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
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