Can I get a remortgage, as I have bad credit but no mortgage on my house worth £200,000?

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Posted on 9 February 2014

Where can I get a remortgage as I have bad credit but no mortgage on my house worth £200,000?

Much of whether someone can obtain a mortgage if they have bad credit, really depends on exactly what their ‘bad credit’ consists of. The amount of bad credit, the circumstances around it, when it happened and if its satisfied or not, can all play a part in whether you can get a mortgage or not.

Typically the big high street lenders have a harsher view of bad credit, especially at the higher loan to values, and they work off of a computer based lending decision with very little or zero tolerance for anything resembling adverse credit. There are however some lenders who still manually underwrite cases and can judge a case on its individual merits and these may well be the type of lenders we would be looking at.

Before I can say whether this is something we can help you with, I'd need to know the following:-

How much are you looking to borrow ? What caused the adverse credit? What do you do for a living and how much do you earn? I would also need to see an up to date copy of your credit report, as I need to able to see what a lender would see.

Once I have the answers to the above and you have your credit file, I can then put you in touch with one of our consultants, who can then give you a better idea of what we can / can't do to help you.



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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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Our charges are based on two considerations: the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to  proceed with an application. As we offer a bespoke service our charges can vary. Our minimum fee is £495, (of which a non-refundable £150 is payable when you make a formal mortgage application). The average fee paid by our clients over the last year was 0.24% of their loan value. (For example, if your loan amount is £300,000 our average fee would be £720). If your circumstances are more complex we may charge a higher fee. Our maximum fee is 1.5% of the loan value. (For example, if your loan amount is £300,000, our maximum fee will be £4,500).

These fees apply to all regulated mortgages. Certain mortgages, primarily most buy to let and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances. Please contact us directly for more guidance.



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