Remortgage with bad credit history

anolan020767

Hi all
Had a mortgage for several years with interest rate of 6.49% due to bad credit history.
Monthly payment is approv £1000
Property value approx £195,000
Outstanding balance approx £123,000
So approx £60,000 equity

Tried a few times over past few years to remortgage but get rejected every time so caught between paying high rate and high monthly amount and not being able to remortgage.

Is there anything at all I could do to remortgage or reduce the monthly amount without having to sell ?

amnblog

Why do you keep getting rejected? Have you not improved your credit history over the years?

Mortgage_724433

Without knowing which lenders were approached and under what circumstance it'll be hard to give an opinion on previous actions, however if your case is thoroughly assessed and packaged correctly you this would only naturally increase your chances of potentially finding a lender who is willing to take your mortgage on.

Lenders differ from one and other, so previously you may have been approaching lenders regarding your remortgage who quite simply do not meet your profile, whilst they'll possibly lenders who are more accepting.

I would suggest speaking with a whole of market mortgage adviser for guidance, as they will be able to give you a realistic picture on what your options are right now.

David_White

What specific credit issues do you have and when did they occur?

MortgageMamma

I note you said you've had this mortgage for several years - are you now on the lenders standard variable rate? who is the lender? could you possibly switch the product with the same lender.


One way of reducing outgoings on a mortgage if you can't move lenders is to increase the term (if its a repayment/capital and interest mortgage).


You don't say if you had any professional help when looking for alternative mortgages in the past. If you've not had professional help that will be why your applications keep failing. Much of the time if you have recent adverse credit (within the last three years) you will need a specialist lender. Don't let that put you off though as such lenders have different products and rates depending upon the severity of the bad credit, so you should enlist a professional to investigate it.


You need a broker who is truly whole of market, not tied to a panel, only then can you be sure that you are getting the very best mortgage available to you.


MM