UK Remortgages - Bad Credit Remortgages.

Having Bad credit usually means you have defaults, county court judgments (CCJ's), mortgage arrears or similar financial discrepancies in your credit record, All these come to light when a mortgage lender performs a credit check when you apply for your remortgage. This means you are considered to have a bad credit history.

Statistics reveal that nearly 8 million people in the UK have bad credit rating.

A bad credit rating need not stop you from getting a remortgage. lenders can provide credit loan and financial services to people with bad credit so all is not lost if you do have bad credit. Lenders are unlikely remortgage a house to someone who is not considered creditworthy, not recovering the borrowed money is a risk a lender will not accept lightly, a refusal is likely and if you are lucky you may well be charged higher rates of interest than would normally be expected for a normal remortgage, this is the disadvantage of poor credit remortgages.

Everyone's credit rating varies as a result different factors, if you have been turned down by another lender this will show up on a credit check, your credit history shows if you have not reliably paid your bills or outstanding debts, or you have county court judgments (CCJ's), Defaults or Arrears on payments, if you do have a history of not consistently paying your bills on time you may well find it difficult to remortgage your home.

Adverse Credit

A term used frequently by the mortgage industry is Adverse Credit this is another definition of bad credit.

As with bad credit an adverse credit rating can be caused by financial errors including defaults, arrears and county court judgments (CCJ's), ,you could have no previous credit history maybe because you were in the armed forces or you lived abroad this can make it difficult for lenders to make a judgment on a mortgage application.

Self employed borrowers who do not have 3 years of accounts can also be considered as having "adverse" credit.

• Remortgages - Raising finances or saving on your repayments : UK Bad Credit Brokers & Lenders

• What is remortgaging? - Raising funds and releasing equity

• How to remortgage - Transferring your mortgage and raising additional capital

• Buy to Let Remortgages - Using the rental income from your property

• Bad Credit Remortgages - Adverse and Poor Credit Ratings

• Remortgages - Self Certified Remortgages -Non Status & the Self Employed

• Remortgage Brokers & Lenders - There to help you get the best remortgage deal