Bad Credit Remortgage interest rate of 2.15% variable.
From March 1st 2023- 2 new lenders for bad credit remortgages.
From February 1st 2023 – NO BROKER FEES!
Don’t pay a £1495 fee to a broker!
Ravenwood Mortgage Services have funds from a lender offering excellent terms, with an open-minded view to some bad credit.
But funds are limited, so please fill in the form below with your details. As funds go down the lender’s criteria will start to get more strict!
Early January this year (2021) there have been some new lenders appear with excellent terms for bad credit remortgages. Some rates are only 1% higher than normal prime lenders, which is previously unheard of, especially without a big fee.
If in the past six years you have been unable to service your credit agreements or you have ended up with a ccj for some stupid reason like a forgotten water bill, many lenders will reject your mortgage application straight away.
Primary residence poor credit remortgages from Ravenwood
Ravenwood Services have relationships with lenders that take an open-minded view to people with some adverse credit, as they understand that not everyone with a ccj or default is a complete deadbeat. Ill-health, break down of relationships, temporary loss of work or income are all entirely plausible reasons for some credit arrears, while a person may still have a good future of being able to support a mortgage.
Now post Lehman collapse lenders want to know if you can service the mortgage you’re committing to. No longer is the prospect of further house price increases enough for lenders to lend. But for reformed responsible borrowers this a good thing not a bad thing and should protect the property market from getting frothy with hot speculative money.
With today’s bad credit remortgages even if some of your bad credit is gone, it may be possible to refinance away expensive 2nd charge lending and put all the debt on the home into one first charge lender at a reasonable rate. Also if you have secured borrowing at a shorter repayment duration with a high monthly payment, as a result, refinancing this away can further reduce your monthly payments, so the term is matched with your entire mortgage.
Bad credit remortgage UK options
While it is often true a mortgage from 2006 or 2007 is a good deal and is worth keeping, especially if its interest only, there are still opportunities to refinance at a fixed rate to protect yourself from rate rises in the much longer term. An adverse credit mortgage broker can help you secure funds.
Interest rates should stay low in the short term (2018 and 2023), but after that, the path of short term rates could be on the rise. It’s common to keep a mortgage for seven years, so refinancing with a five year fixed deal could prove very savvy even for people with some bad credit history.
Some economists would predict that if interest rates rise so should your earnings or wages as inflation would only start to become a problem as the result of increasing wages.
Renting vs Buying even with some adverse history
Renting a home is financially like having a 100% interest-only mortgage at about 5-6%. So if the house that suits your needs is worth about £120,000, the rent is maybe £7200 a year or £600 a month.
Check out this Knight Frank report page:
If you have some savings say of £25,000, you would only need to borrow £95,000. Even a mortgage with a rate as high as 4.5% the interest on the mortgage is £4275 a year or about £356.25 a month. Plus you have the stability of owning your own home and not being given notice by a landlord who may want his property back to sell or to live in himself, or want to turf you out so he can put his rent up.
Government legislation has recently clamped down on agents charging tenants substantial application fees and fees for referencing. But even modest fees and delays getting your deposit back make the costs of moving every 18 months quite expensive.
It’s fair to consider that you must repay capital if you get a repayment mortgage, so this you must budget for. And you must plan for buildings insurance which is likely a term of your mortgage to have.
Can you remortgage with bad credit history?
Remortgaging with bad credit is often very similar to having a good credit history. The main difference as an adverse credit remortgage can have high lenders fees and interest rates. A remortgage with poor credit may have more strict income requirements and a lower loan to value. A remortgage for bad credit can have worse redemption penalties than other more flexible terms.
Another feature of remortgage deals for bad credit is the scrutiny of your age.
For a freehold house, you should budget for some improvements/repairs, and of course, if you buy a leasehold flat, you need to plan for the management fees.
If you don’t pay your management fees, the management agents are entirely within their rights to write to your lender and get you in trouble with breaking the terms of your lease and therefore the terms of your mortgage. They will simply look up your lender with the land registry. The lender is shown with the date the lender took the charge.
When borrowers get into financial difficulty, it has been known for mortgage lenders to pay the borrower’s management fee arrears and add it onto the mortgage principal as the consequences of not paying the management fees are severe for the borrower and lender.
Good reasons for remortgages for bad credit
- Get rid of an existing lender or lender(s) with very high rates
- Consolidate a high rate 2nd charge secured loan with a mismatched or too short-term
- The existing lender discount variable rate has expired
- Existing lender fixed rate has ended
- An existing lender has offered you a cash incentive to refinance away from them
- Existing lenders term has run out
- Court has said you must remove the partner from the mortgage as a result of separation/divorce
- Release equity from the home to pay for a divorce settlement or stop the fire sale of other liquid assets
- Raise money for the purchase of another property to rent out
- Consolidate existing unsecured debt to reduce monthly outgoings
Tier 2 Visa Holders – bad credit remortgage with no fees
Even with Brexit getting closer as still very uncertain we still have Bad Credit Remortgage options for Tier 2 visa holders.
Equity release options instead of Bad Credit Remortgages
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- How Can I Release Equity From My House under 55
- Foundation Mortgage
- Tuscan Capital Short Term Loan
- Octopus Short Term Loan
- Mortgages For Self Employed With 1 Years Accounts
- Yorkshire Building Society Equity Release Plans
- Greenfields Capital Reviews
- Lloyds Bank Bridging Loan
- Rbs Bridging Loan
- Bridging Finance Non-Status
- Masthaven Bank Bridging
- Regentsmead Development Bridging
- Quivira Fast Non-Status Bridging Loans
- Hmo Mortgage Rates
- United Trust Bank Bridging
- Development Finance LendInvest
- Pepper Secured Loan
- Capital Bridging Finance Limited
- Precise Secured Loans
- Halifax Bridging Finance
- TSB Bridging
- Optimum Credit 2Nd Mortgages
- Yorkshire Bank Short Term Finance
- 1St Stop Loans
- Financing Property Development
- Semi Commercial Mortgage HSBC
- Prestige 2Nd Mortgages
- Secured Homeowner Loans
- Nationwide Equity Release 2023
We use other lenders in addition to the ones listed below for Bad Credit Remortgages:
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Metrobank Secured Loan
NatWest Bank Secured Loan
HSBC Bank Bridging Loans
Co-operative Bank Secured Loan
Halifax Secured Loan
Lloyds Bank Secured Loan
Non Status Mortgages
Self Cert mortgages
Self Cert Mortgages Spain
No Broker Fees Secured Loans
Interest Only Buy to Let Mortgages
Remortgages from Ravenwood Services
High Loan to Value Buy to Let Property Mortgages
Unsecured Debt Consolidation Loans
Social Care Worker
Get organized! Get a remortgage poor credit!
How much cash can I get?
You can get 70% of your home’s value. As an example, if your home is worth £350000 you can get £245000.