Remortgage means changing your existing mortgage by switching over to a new mortgage deal. It is not necessary to change your present mortgage lender for a remortgage if he can offer you a satisfactory deal. If he fails then you can go to another lender. You can go for a remortgage despite a bad credit score. A remortgage with poor credit record is popularly known as poor credit remortgage. It is available to a person even if he has any factors like CCJ's, arrears, defaults, bankruptcy etc. against him.
The advantages of a poor credit remortgage are really lucrative. First of all you can take out the equity available in your house through the poor credit remortgage. It is a great idea to release the equity tied-up in your house. If it is not taken out then it remains unused and does nothing for you. Realising the equity in your house you get a reasonable amount of cash in your hand which you can use for various purpose.
Secondly, you can get rid of the first mortgage for which you may be paying high interest. Or it may be that the terms of the first mortgage are not favourable and you are in trouble to manage it. To avoid all these hazards a poor credit remortgage is an ideal choice. Moreover, your monthly repayment will be smaller than the first mortgage.
Getting a good amount of cash in your hand through the poor credit remortgage you will be able to better your credit record by paying off your outstanding debts. When you wash your hands of the debts and manage the poor credit remortgage properly your credit record automatically starts improving.
About The Author :The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-Debt-Consolidation-Remortgages as a finance specialist.
For more information please visit:http://www.adverse-credit-debt-consolidation-remortgages.co.uk
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