BAD CREDIT REMORTGAGE
The natural reaction to being told that you are able to re-mortgage your house, even with an appalling record of CCJ's (County Court Judgements) and other debts, is to disbelieve it. Trying to obtain a mortgage when your credit rating is somewhere near the bottom sounds pretty hopeless.
It is true, however, that if you are a long way behind with paying off your credit cards, if you have County Court Judgements piled up against you, there could be a light at the end of the tunnel. There are lenders out there who are prepared to judge your situation from the point of view of your employment record, for instance, the value of your house and the likelihood of you being able to meet regular repayments over a longer period. It would mean, of course, that the interest charged would be higher, but only slightly so.
If being relieved of the burden of heavy debt means that you become capable of keeping up regular payments on a re-mortgage a lender will be encouraged to advance the necessary sum. The lenders in question, if chosen correctly, are well known ethical companies whose business is weighing up a potential borrower's capabilities if relieved of the burden of heavy debt. Charleswold are in touch with these companies and are experienced in putting the right borrower in touch with the right lender.
If you do become debt-free the way to true happiness is to remain debt free and not to feel so relieved that you can start to spend irresponsibly once more. Getting out of trouble again would not be so easy, and the next time might mean you will lose your home. Remember, you are virtually saying, when you enter any mortgage agreement, "If I can't pay, take my house". It may not be as final as that, but it could be.
Because of the theoretical advantage that obtaining a bad credit mortgage offers a person who may be drowning in debt that person may be so desperate to sign up that he rushes into the wrong agreement. The possible consequence is higher fees, higher interest and higher repayments. It is imperative that you take the right advice and take your time. Do not rush into a fresh mortgage without examining the market.
One consequence could be that you might get into trouble again and your house would be in danger. Charleswold are in a position to help you to make the right choice with there extensive knowledge of the market place.
Once you have made an application for a re-mortgage, which can be done via the internet, at a branch of a building society or by simple letter or a telephone call, the lender will simply apply a straightforward three questions to it, as follows:
1. Is there enough equity in the house to warrant the loan?
2. Does the borrower's employment record appear to be an indication of his ability to maintain repayments?
3. what is the borrower's credit status?
Your home may be repossessed if you do not keep up repayments on your mortgage.
All loans and mortgages are secured on property. Think carefully before securing other debts against your home.
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