Interest Only Mortgages and Remortgages
So you have bad credit and want to sort it out?
The best first move to repairing your credit is to get a credit report on yourself and get a detailed picture of your financial situation.
The best way to do this is to contact one of the two main credit bureaus
and ask them to send you your credit report. The two credit bureaus are:
Experian Consumer Help Service
Tel: 0115 976 4050
www.uk.experian.com
Equifax Plc
Credit information Centre
Tel: 08705 143700
www.equifax.co.uk
There are many things that look bad on your credit report. Mortgage Lenders assess information differently. Some common examples are: multiple searches, late payments, defaults (paid/unpaid), CCJ's, bankruptcies and repossession orders.
If you have equity in your house, and crippling debts, it may be worth looking at remortgaging to consolidate your debts into a low interest rate monthly payment- your remortgage payments.
If you do not currently own your own home (you are a tennant or living with your parents), and have marks on your credit file, then you can get a mortgage on an adverse credit basis. Some specialist lenders have products that have the aim of helping you improve your credit file. They offer adverse rates that after 3 or 4 years can be converted to prime rates once you have successfully completed payments for a period of time. These mortgages provide a good opportunity to turn around your credit situation whilst paying a mortgage on your home.
Get specific information through the headings below:
Want to do a mortgage search?
Your home may be at risk if you fail to keep up repayments on your mortgage.
We act as an introducer to Feesaver Mortgages Ltd who are appointed representatives. Enquiries are passed to this regulated brokerage and they will contact you to discuss your mortgage requirements.