Bad credit remortgages have been designed to aid people troubled by credit problems and are available only through specialist lenders. When you avail a bad credit remortgage you borrow an amount against the value of your home and make monthly repayments at an agreed rate. Many people are afraid to look around for a bad credit remortgage because they fear refusals. So what exactly is bad credit? People, who are facing CCJs, have defaulted on past loan payments, missed payments or facing bankruptcy are categorized as people with a bad credit history. A bad credit history means you will be turned down by the usual high street lenders for remortgage.
Bad credit remortgages are easier to obtain than ever before. Even though bad credit remortgages have higher interest rates than standard remortgage rates, typically the interest rates on your remortgage will still be substantially below the rate charged by a credit card company.
Thursday, January 1, 2009
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