Remortgage with bad credit

Posted on Thursday, May 24th 2007 9:13 pm by menj in Offbeat

Remortgaging is something most of us would do to raise financial needs, but what if you wish to remortgage with bad credit, will a financial institution be willing to take up your credit? Well, you really do not have to worry if you are looking to find a remortgage even with bad credit asthere is hope for you at Remortgage Guild. They will be able to help by putting you in touch with someone who can quote or even match your situation with a mortgage that will fit your needs.

So why not check out the website for your remortgage needs even with a low credit rating? You will certainly like their service.

    18 Comments

    Comments

    Here are 18 Responses.

    • callofduty5123412 says:

      July 19th, 2012 at 10:40 pm

      pls help i need to remortgage and get money out of my house i need 11,000.I have very bad credit and cant even get loans iv missed a few mortgage payments but im up to date now.i want to stay with my mortgage company as im still have a fixed rate till next year

    • xiM Clutch says:

      July 23rd, 2012 at 8:08 pm

      I own my flat together with my mum, and now she is looking to remortgage. Last year when she tried to do this, we were turned down from a few creditors, so stuck with the one we had, at a higher interest rate. The reason we were turned down is due to my bad credit rating. I have missed a few payments on my credit cards, as I was actually living off the cards – I had been made redundant from one job, and was almost literally forced to quit the next one (with 2 months in between jobs each time). Now, I had never missed a mortgage payment, which I was told is a good thing, but the credit card defaults are still on my credit report. Now I admit, I am terrible when it comes to money, and trust me, I have been lectured enough about this, so would appreciate genuine advice on how to get out of this situation ‘alive’. I got to a stage where I felt I could not afford to keep paying off my cards, as some of them increased their interest rates recently, and I turned for help to various agencies, who promise that ‘you will be debt free in no time’, by consolidating all your debts, and spreading a very low payment (of £150 I was quoted) between all creditors. Now one of the agencies was a charity CCCS, who are offering help for free, by assessing your income and realistic outgoings (so advising to cut all extras, like cinemas and expensive gym memberships, etc). However, in the process of handing over all my debts to them to handle, I had to ensure I open a new bank account and transfer all direct debits, etc. This all has turned out to be very time consuming and I had incurred even more debt, as I had written to creditors advising them that CCCS would be taking over all matters, but hadn’t been paying in the meantime, hence my rating has been damaged even more. Now the other problem is that my mother doesn’t know about my financial circumstances, and ideally, I wouldn’t want her to. She will be hugely disappointed in me, will probably not speak to me ever again, and in worst case-scenario, she may fall very ill or suffer a heart attack. So, as selfish as it may sound, I wouldn’t want her to find out for my sake, as well as her own. The only solution is to improve my credit score ASAP, especially that I have now given up on using a third party to deal with my creditors on my behalf. The question is, how do I get it fixed fast (apart from of course making payments), and how likely are the creditors to agree to remove the default strikes from my credit file, if I ask them nicely and promise to pay, by setting up a direct debit?
      Any genuine advice will be much appreciated. Thank you!

    • Marlon P says:

      July 23rd, 2012 at 8:27 pm

      I own my flat together with my mum, and now she is looking to remortgage. Last year when she tried to do this, we were turned down from a few creditors, so stuck with the one we had, at a higher interest rate. The reason we were turned down is due to my bad credit rating. I have missed a few payments on my credit cards, as I was actually living off the cards – I had been made redundant from one job, and was almost literally forced to quit the next one (with 2 months in between jobs each time). Now, I had never missed a mortgage payment, which I was told is a good thing, but the credit card defaults are still on my credit report. Now I admit, I am terrible when it comes to money, and trust me, I have been lectured enough about this, so would appreciate genuine advice on how to get out of this situation ‘alive’. I got to a stage where I felt I could not afford to keep paying off my cards, as some of them increased their interest rates recently, and I turned for help to various agencies, who promise that ‘you will be debt free in no time’, by consolidating all your debts, and spreading a very low payment (of £150 I was quoted) between all creditors. Now one of the agencies was a charity CCCS, who are offering help for free, by assessing your income and realistic outgoings (so advising to cut all extras, like cinemas and expensive gym memberships, etc). However, in the process of handing over all my debts to them to handle, I had to ensure I open a new bank account and transfer all direct debits, etc. This all has turned out to be very time consuming and I had incurred even more debt, as I had written to creditors advising them that CCCS would be taking over all matters, but hadn’t been paying in the meantime, hence my rating has been damaged even more. Now the other problem is that my mother doesn’t know about my financial circumstances, and ideally, I wouldn’t want her to. She will be hugely disappointed in me, will probably not speak to me ever again, and in worst case-scenario, she may fall very ill or suffer a heart attack. So, as selfish as it may sound, I wouldn’t want her to find out for my sake, as well as her own. The only solution is to improve my credit score ASAP, especially that I have now given up on using a third party to deal with my creditors on my behalf. The question is, how do I get it fixed fast (apart from of course making payments), and how likely are the creditors to agree to remove the default strikes from my credit file, if I ask them nicely and promise to pay, by setting up a direct debit?
      Any genuine advice will be much appreciated. Thank you!

    • hank baseballs says:

      August 1st, 2012 at 9:47 am

      I find it would cost £204 per month, APR variable 13% – so it looks like I could be charged 18.5% interest any time they say.
      I remortgaged my house in November and my bank manager said if I applied for a personal loan this November, he would give me a loan for consolidation purposes – The question is, would I be better to be patient. Still trying to patch up a bad credit rating through illness etc. Any advice most welcome.So it would mean that with this offer the repayment would be £18,000!!

    • Caltel T says:

      August 10th, 2012 at 12:25 pm

      will it affect me when i go for remortgage?

    • xLittle21Yaox says:

      September 7th, 2012 at 1:42 am

      Hi all

      I have been split up from my ex girlfriend now for approximately 9 months. We still have a mortgage together and both agree for it to be changed into just my name. I cannot remortgage due to now being in a little bit of negative equity. I also cannot apply for a change of parties with my current lender as I have bad credit and would not be accepted as well as becoming recently self employed with no proof of income.

      I have been making the mortgage payments myself not just the last 9 months but for the whole time we have been there.

      Can anyone suggest any other way of getting this mortgage into just my name.

      Any help is greatly appreciated.

      Thanks, tony.
      Thanks all for your replies and yes Jonathon T if you could ask your friend about any other possibilities that would be greatly appreciated.

      Thanks, Tony

      I

    • nothin_nyce1 says:

      September 11th, 2012 at 6:10 am

      We applied a few weeks ago for a refinance through President Obama’s new HARP plan. We were initially preapproved, but since then we were denied. We are current and always have been on payments. Our home has lost a lot of its value with the economy (we are in Michigan where it is really bad), but I thought this plan was supposed to help people with that problem. We currently have been in our home for 2 years. It appraises within $10,000 of what we owe, which I actually don’t think is so bad, but I called one company and they said it didn’t appraise out for a conventional remortgage. Our credit is excellent (nearly 800 credit score). We currently have a split mortgage to avoid PMI. The first loan is a 30 year fixed at 6.5% and the second (only about 10% of the total loan amount is this) is 9%. Does anyone have any suggestions as to what routes we could go to refinance or has anyone out there in a similar situation did loan modification? I am calling about that tomorrow, but was told when I first applied for the HARP plan that we didn’t qualify for that. I would really appreciate any help out there. Thanks!

    • Brian says:

      September 28th, 2012 at 8:13 pm

      Basically, we are with the mortgage company Oakwood. It is in my partners name and his ex from when they was together. she doesnt live here anymore and doesnt pay either. we got her to sign a form saying she agrees to be off the mortgage. Oakwood then did a credit reference check and it came back my partner had a bad credit rating so they cant take her off. (bearing in mind she is in debt up to her eyeballs and will have even worse credit rating!!). we had even paid £150 to do this, now its been declined and we havent received the £150 back. we have spoken to a financial advisor. he recommended trying to remortgage with a different company. he took all our details and we paid £20 to him and he did credit rating checks. mine is quite good but he has just got back to us saying no one will remortgage us because in 2008 my partner lost his job and missed a few payments!! but he is always up to date now and the mortgage is his main priority payment. he is now though late on a few payments which affects it but mine is good. they have said to wait a year and then try again. we are really upset to be honest because we dont want her name to be on it. we live in a one bedroom flat and are planinng a baby soon, so we will need a bigger house. so in a year when we try again, we will try to get a 2 or 3 bed house. our flat is worth about 110,000. so if we look for a house about the same price how will it work if we get accepted and are we likely to get accepted? will we have to pay any extra costs etc? what about a surveyor etc my mum said about it but i dont know about buying houses so dont know anything?!!! please help i need advice ASAP!! xx

    • ouch says:

      October 18th, 2012 at 8:36 pm

      i ant to know te history of financial institution and the its background.I want also to request a copy of some of their documents such a promisory notes.

    • toast says:

      October 27th, 2012 at 12:40 am

      i have had it for 2 years in june and i need to get another fixed rate, i have bad credit history

    • zigg3ns says:

      October 27th, 2012 at 1:42 pm

      as £20.00 left from his wages to live on. can any one tell him if he can get, any social benefit. or any advice that would help him cope with his situation . thank you.happy new year to any readers .

    • Joe M says:

      November 1st, 2012 at 5:12 am

      I have split up with my bloke and are trying to get a remortgage. There are still lots of financial things to be solved and now he has agreed to pay his half of the mortgage until I am sorted with the refinancing. This is very decent of him I think. However, he wants to come round and take all of the things of value out of the house. I will be taking on the mortgage, the credit cards, loans and everything and he still wants half of the equity as none of these things are ‘in his name’ (even though he was an equal partner with the spending and these things were only in my name because he has bad credit rating). I can’t afford to do all this and replace the stuff he wants and if he has all of this stuff, then what is to stop him from stopping his payments into the house account?

      He called me at work today and told me that he was going to break in to take these things. I had to go home.The house is in his name too. Can he simply break in? I feel like a prisoner here as I can’t trust him

    • jdfan says:

      November 7th, 2012 at 6:13 pm

      Mine has just been doubled without asking and although it doesn’t really make any difference I just wondered how the new limit compares to the average
      6.5k is quite low then. Not to worry I hardly use it any way.

    • MAK & CHEESE says:

      November 8th, 2012 at 11:03 pm

      Hi everyone,
      Last week I posted a message on here re my partners money worries and that I didnt know how much he really was up the eye balls so to speak.
      Well the weekend just gone, he drafted a spreadsheet with everything outstanding, and I can tell you that I was totally shocked to see what it was in total.
      He has 6 credit cards, adding up to around £10k, then he has an additional £28k from a remortgage years ago that he is still paying off, he said he was offered the loan, and didnt really need it but used it over 3-5 years and now still owes it back after all these years. So there are 7 loans to pay off. Additional to this £30k worry, he also has a house to sell which is mortgaged for £239k which includes another remortgage loan of £35k. Alongside this, he also has a car to sell which is on a balloon payment and is costing him £475 a month, and needs to sell this for 16k so he can at least make a 1k out of this as now he has a free petrol car company car which makes a huge difference.
      We are trying to sell this house which is tied with his ex as well and both are desperate to sell. We will sell one day hopefully!

      however this weekend I have been feeling somewhat depressed, frustrated and almost at a low knowing he has £30k hanging over him. I asked him how he can sleep at night and where this money has gone over the years, he said he cant remember, drink, holidays, clothes, going out etc…….I am still overwhelmed to this day……

      What would you do, I have said I will still pay the bills ie tax, water, electricity etc while I am living here with him but not the mortgage payments. I already have a flat rented out at the moment which is ticking along nicely with no worries at all…..but this is hanging over me re his house, his payments and his loans….its horrendous and to be honest the worst I have ever encountered. This has got worse since the ex left in Oct last year, she use to share the mortgage, but the 7 loans I wasnt aware of and I reckon neither was she.

      If my parents knew how much he had, they would tell me I think to leave and not to get involved…I am worried too….by the way he is 41 years of age!

      I am only 33 and feel for once in my life, its getting on track but being with him re money, I feel I am going backwards….he loves me dearly, cooks for me, is always there, doesnt go out anymore or drink for that matter and now he is wants to settle and prove this life to me that he is a good person which I know he is, its just the money?!?!?

      any suggestions…..

      thank you kindly, at least now I know I much we are looking at.

      The next step is for us to rent together after the house is sold, but for me I might just buy myself and he can live with me, I am not getting myself attached in any financial situation. I said he needs to prove to me he is capable of working through these finances and that after that once its done we can then get a mortgage together. I know I love him but I have to be wise!?!?!

      thanks for reading xxx

    • Smashing Pumpkins says:

      November 11th, 2012 at 5:23 pm

      Does any know of or recommand of company that works with people that have a low credit score? Our credit scores are both around 550. My husband is recovering from cancer. This has really set us back financially. Our current mortgage is an arm and has begun to rise. We live in PA and none of the local companies will even talk to us. THANK YOU

    • XplicitzZ says:

      November 15th, 2012 at 9:08 am

      Our credit dropped because we can t keep up and our other bills are being paid late.

    • Cpt Excelsior says:

      November 23rd, 2012 at 11:14 pm

      I cant afford the Condo / Apt i brought in Mt Tremblant Canada a few years ago. The rental income just about covers the mortgage payments. I dont have any spare cash in the UK to keep topping it up. I have tried to sell but no luck. If i hand the keys and deeds back to the bank what effect will it have on my UK finances. Can they send baliffs round. Will my credit rating be affected in the UK. I dont care about Canada because i wont be buying anything there in the future. If anybody can help or has great ideas of how to get myself out of a difficult situation i would be greatful.

    • ttocs says:

      November 27th, 2012 at 9:14 am

      I am looking for a loan I have a poor credit score, looking for lenders that are willing to lend rather than waste time saying they do loans when they don’t. If anybody has managed to get a loan with a reputable lender please let me know. I have a property for security but not much equity. Please reply with helpful answers as I don’t need a lecture right now. thanks in advance. Scammers do not waste your time replying.
      Forgot to mention I am in the UK. Cannot remortgage due to early repayment charge. Is it possible to get a 125% secured loan with bad credit. Thanks for all the replies so far.

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