Remortgage With Adverse Credit Why Past Mistakes Needn t Hinder Your Future Home Ownership
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Remortgaging with Adverse Credit: Overcoming Past Mistakes for Future Home Ownership
Summary:
In 2007, borrowing money became easier than ever, with the average consumer borrowing £4,550 through credit cards, overdrafts, and personal loans, while households paid an average interest of £3,525. For many, managing repayments on various debts is a regular part of life, allowing people to acquire what they need without saving for long periods.
However, a change in circumstances can upset this balance, causing debt repayments to overshadow living expenses. Sometimes, borrowing more seems like the only solution to meet basic needs. But even a single missed mortgage payment can severely impact your credit rating, leading to repossession or County Court Judgments (CCJs).
Article:
Today, borrowing money is more accessible than ever. Back in 2007, consumers averaged debts of £4,550 through credit cards, overdrafts, and loans, with households paying around £3,525 in interest annually. Managing repayments on various debts is commonly seen as a manageable part of life, enabling people to make necessary purchases without years of saving.
Yet maintaining this financial balance can be challenging. Any slight change in circumstances?"like job loss, illness, or personal upheaval?"can tip the scales, causing debt repayments to eclipse living expenses. In such cases, borrowing more often seems like the only way to cover essentials.
For many, unexpected life events like redundancy, illness, or divorce contribute to financial struggles. Missing even one mortgage payment can damage your credit rating, making it difficult to regain stability. More severe arrears could lead to repossession, while unpaid debts might result in County Court Judgments (CCJs).
A tarnished credit rating complicates borrowing, even if you've resolved previous debts and restored financial security. Remortgaging a home with adverse credit history can be particularly challenging. However, there are solutions available.
Most traditional mortgage lenders focus on "prime borrowers," often excluding those with bad credit histories. As a result, applications to High Street lenders are typically unsuccessful. Nevertheless, mortgages designed for those with bad credit exist, even for individuals previously declined.
Specialist companies excel in assisting those with bad credit, providing support to regain financial footing. Whether you're a first-time homebuyer or looking to remortgage for debt relief, these experts can help find a suitable mortgage.
Sub-prime remortgage brokers collaborate with a variety of lenders offering competitive rates for those with adverse credit. By working with these lenders, brokers can tailor packages to fit your needs, helping alleviate debt quickly and effectively.
Remember, past financial mishaps don't have to prevent future homeownership. With the right help and resources, remortgaging despite adverse credit is attainable.
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