Problem Remortgage

By: Steve Wheeler


If you have bad credit, poor credit, a County Court judgement against your name, are self employed and cannot provide proof of income, you will be pleased to learn you can still remortgage your property at the competitive rates and terms offered by lenders. A problem remortgage can be obtained throughout the United Kingdom as many lenders are eager to gain new customers and give them mortgages. Do not let poor credit or a change of employment stop you from seeking a remortgage.

A problem re mortgage is not difficult to obtain. Years ago, people with bad credit, a CCJ or who could not prove their income found it impossible to get a mortgage or remortgage. Because the rates are so low, many people are remortgaging their property and lenders are competing for their business. Some lenders are even paying for costs associated with the remortgage that are normally paid by the borrower in an effort to attract new customers.

If you are looking to obtain a problem remortgage, such as those that require no status or are directed at those with bad credit, you should look at different lenders. It is better to seek out a new lender for a remortgage than use your existing lender as a new lender will generally offer you a better rate and terms in order to gain your business. Your existing lender does not have any motivation to remortgage their own loan in order to save you money.

Before deciding upon a particular lender, you must first decide what you wish to accomplish by remortgaging. Do you want lower payments? Flexibility? Cash back? Your answer will determine which type of remortgage is right for you.

Those who wish to lower their payments can seek an interest only remortgage. With this type of mortgage, a person need only pay the interest on the loan, instead of the capital and interest. Be aware, however, that at the end of the mortgage term, you will need to pay the entire capital balance.

If you wish to have low payments but want to put something towards the capital so you do not have to come up with a huge amount at a later date, you can opt for a CAM remortgage. A CAM remortgage allows you to pay the interest only while setting aside some money for the capital in a special account. Another option is a split remortgage which takes some money towards the capital as well as the interest. At the end of the mortgage term, you still have to come up with the rest of the capital, but it has been substantially reduced as you have made some payments towards the capital.

If you wish to seek a problem re mortgage, you should investigate the many different options that are available. Those wishing to find out more about obtaining a problem remortgage, as well current rates and terms can visit Finance Tracker to learn their options.


Use the Finance Tracker service and apply for a problem remortgage at competitive rates. Finance Tracker will find you a remortgage from the whole of market. They specialise in re mortgage problem cases for home owners.