Remortgage Bad Credit Rating

Keeping Track Of Remortgage Bad Credit Rating Deals

Red TapeA remortgage bad credit rating mortgage could be just what you need to get your finances back on track. Many people use a remortgage bad credit rating deal to release the equity in their home so they can repay their creditors. It's a first step to fixing their finances and it may even be able to help with credit repair. There are a lot of remortgage bad credit rating products around and it can be difficult to decide which one is best for you.

To help you choose a remortgage bad credit rating deal, we have looked at the deals available on a large database of UK mortgage lenders. In this article, we'll be focusing on tracker deals for those who want to take advantage of fluctuations in the Bank of England base rate. To narrow the choice, we have assumed that our applicant is earning £30,000 a year and wants to borrow over a 25 year repayment mortgage for £100,000 on a property worth £150,000 and with a £5000 CCJ. The CCJ was registered in March 2005 and satisfied in March 2006. And like many in the UK, our remortgage bad credit rating applicant intends to change to a different mortgage deal in seven years.

Here are some of the remortgage bad credit rating deals we found. Deals can change quickly, so be sure to ask a broker to source the latest rates and offers for you. The first of our remortgage bad credit rating products comes from a company called I Group*. It is a three year tracker deal that tracks the bank of England rate by 1.54%. Monthly payments start at £678 and after 3 years the interest rate will revert to the lenders standard variable rate which is currently 7.44%. There is an arrangement fee of £1,450 and early repayment charges of 7/6/6 per cent apply during the first three years. There is also a lenders administration fee payable with this lender of £295.

AdvertAnother remortgage bad credit rating deal comes from the same lender I Group. This remortgage bad credit rating product is a 2 year tracker with early repayment charges in the first two years of 7 and 6%. Monthly repayments are £684 at current interest rates and fees are as follows: The arrangement fee is £1450 and there is a £295 administration fee. The interest rates tracks the Bank of England Base Rate by 1.64% and after 2 years the deal will revert to the lenders standard variable rate of 7.44%.

There are a total of 44 available products for anyone looking for a remortgage bad credit rating deal. These products are available in fixed, libor and tracker deals and the best two deals that are currently available gave been shown above. With current market conditions these deals change frequently and to ensure that you are getting the best remortgage bad credit rating deal it is advisable to contact our broker team now.

These deals will change according to the level of blemishes you have on your credit file and other alternatives may be available.

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*Source: The Edge April 2008.

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