THE LOAN PARTNERSHIP IS A BROKER, AND NOT A LENDER
Representative example: A mortgage of £104,000 payable over 23 years, initially on a fixed rate for 24 months at 4.19% and then on our current variable rate of 5.30% (variable) for the remaining 252 months would require 24 monthly payments of £587.71 and 252 monthly payments of £647.98. The total amount payable would be £179,099.00 made up of the loan amount plus interest (£75,099) and completion fee (£1,495). The overall cost for comparison is 5.4% APRC representative.
Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage. Loans available to UK residents aged 18 and over, subject to status and secured on residential property. Consolidating debts may increase the term and total amount payable.
Second Charge mortgages from £5,000 to £2,500,000
We charge a fee for our broking services, typically 3.7%. Depending on the complexity of your circumstances and amount of work done we may need to charge a higher amount, but it will not be more than 12.5%. We will let you know what the fee is before you decide whether to proceed with the loan and our client agreement provides more information about the fees.
Rates and fees correct as of 14.02.20. The Loan Partnership Ltd. First Floor, Unit 2, DC3 Boundary Way, Hemel Hempstead, Hertfordshire HP2 7EQ. Company registered in England, registration number 06576125. Registered Office 82 Gallows Hill Lane, Abbots Langley, Herts. WD5 0BY, authorised and regulated by the Financial Conduct Authority. You can check our firm on the FCA financial services register under number 707809.
Bad Credit Remortgages Information
If you’re looking to remortgage, but believe you have bad credit, speak to us today and we could show you what options and rates there are available to you for a bad credit remortgage.
What are bad credit remortgages
Bad credit remortgages are simply mortgage options for customers who may have perhaps missed credit repayments, have arrears or had a County Court Judgment (CCJ) awarded against them and would not normally qualify for the lowest rate products, due to them having a poor credit rating.
The benefits of bad credit remortgages
There are a number of ways customers with poor credit could benefit from a bad credit remortgage. It could be your current mortgage rate is about to expire and revert to a high standard variable rate, or you could benefit from consolidating expensive credit into a lower rate mortgage to reduce monthly credit outgoings. Even with a bad credit history you could still qualify for a remortgage and take advantage of these benefits.
Keeping up monthly repayments on your new remortgage and not missing any credit repayments could help improve and repair your credit rating sufficiently to be able to move to a standard mortgage at a lower rate in the future.
Please keep in mind that whilst consolidating debts could reduce the amount of credit you pay initially, if you extend the term too much you could end up paying more in the long term.
How do I know if I have bad credit?
Your credit score can be affected by a number of reasons, such as being late on credit repayments or the number of applications made for credit that is shown on your credit profile within the last 6 months. You can view your credit report with companies such as Experian or Equifax to get an idea of your credit status and current credit score or find out more about it at Wikipedia.org.
If you currently have financial problems and would like to speak to someone before applying for a remortgage, the Money Advice Service provides free, impartial advice as well as information and tips on remortgaging.
How do I know what remortgage options are available to me?
We compare the wide range of mortgage lenders on our panel, to find the most suitable mortgages options available to you, based on your requirements and circumstances. We can also compare the interest rates available from these mortgage options to ensure you get the right option – at the best rate.
You should avoid making lots of applications for mortgages to different providers, as multiple searches could negatively affect your credit score and even reduce future chances of being approved.
Bad credit remortgages can sometimes require larger deposits – from 15% or more, of the value of the property, subject to the lender's criteria. If you have a larger deposit available, it could better your chances of being approved.
No up-front fees or credit checks
As a trusted credit broker with many years' experience, we never charge any up-front fees. Additionally, when applying for a mortgage quote, our soft search process means that it will not affect your credit score – so there is nothing to lose by just getting a mortgage quotation.
How can I improve my bad credit rating?
There are a number of things that you can do which could help to improve your credit rating and potentially increase your chances of being approved for a bad credit mortgage.
- Ensure you pay all bills on time (utility or credit bills)
- Make sure you’re on the electoral roll
- Close any credit accounts you don’t use
- Avoid multiple finance applications within a 6 month period
- Avoid short term Pay Day loans that some lenders may check for
- Check your credit report to make sure that all the information is correct and if you notice any errors, contact the relevant company and request for them to be corrected.
The above are just some examples of ways that could help you to improve your credit score and remember, keeping up repayments on your new bad credit remortgage could also help.
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Sorry, unfortunately The Loan Partnership can only arrange loans for homeowners.