Remortgaging for Additional Borrowing

There are many reasons why you may want to raise additional funds by remortgaging your home. You may want to purchase another property for a Buy to Let or a holiday home, for home improvements, for business purposes, to fund a dream holiday, to buy a car that you would prefer not to finance, or for children’s school fees. Before you take any steps to remortgage for additional borrowing, it is worth weighing up the pros and cons, and it is essential that you maximize this opportunity by obtaining the best deal available for your circumstances. By speaking with a Mortgage Expert, you will ensure that you have access to all the best deals on the market and they will help you choose the best route to go down.

Remortgaging to purchase another property with bad credit

From time to time, we have all spotted a property that becomes available that we would like to purchase. It may be that the property for sale has great potential to buy as a ‘doer-upper’ and sell on for a profit. It could be a property that would be great to let out to tenants and you want to purchase it on a Buy to Let basis. Maybe you have spotted a property that you can see yourself living in at retirement age and in the meantime, you could let it out to a tenant. Other reasons for purchasing another property are holiday homes, or a property that you may need to live in during the week as you work in a location some distance from home.

Whatever the reason, there are remortgage deals out there for people with bad credit who want to access equity from their current residential property to obtain either a deposit, or the whole amount to purchase another property. Key elements to obtaining the funds are; how much equity you have available in your residential property, what is contained within your credit profile, and ensuring that the correct lender is selected who will be happy with the reason for the onward property purchase. By utilising the skills of a Mortgage Expert, you will give yourself the best chance of successfully raising the funds needed. Make an enquiry today and speak to a Mortgage Expert with the knowledge required to guide you through this process.

Remortgaging for home improvements with bad credit

Remortgaging your property to release funds for home improvements or for an extension is very common and it makes sense for a number of reasons. As any home improvement, extension or conversion will nearly always add value to your home, it makes sense to raise the money needed from the same asset. In most cases, as long as you stick as close as possible to a pre-determined budget and make sure that the work is up to a good standard, your property will increase more in value than the cost of the work.

Unless you happen to have a large sum of money in savings, remortgaging is usually cheaper than raising funds from a personal loan, second charge or via credit cards. The term that you are able to repay the funds on a mortgage is normally much longer than on a personal loan and at a cheaper interest rate. The lower interest rate is almost certainly true when comparing credit card lending, and whilst second charges can be taken out over the same term as a standard mortgage, they are nearly always at a higher rate than you would be offered on a first charge remortgage.

Things to consider when remortgaging for home improvements are; how much equity you have in your property, what your credit profile and credit score look like, and how much capital that you need to raise. It is also worth noting that you are securing these funds against your property and whilst the monthly payments may be cheaper, the length of time that you repay them for will be longer. Speak to a Mortgage Expert to find out if this is the right route for you to take.

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Remortgaging for business use with bad credit

There are a number of lenders who are happy to consider a remortgage application if you are looking to raise money to either start a new business, expand an existing business, or even help with cash flow for your business. The number of lenders available for this will be more limited than if you wanted to remortgage for home improvements for instance, but by speaking to a Mortgage Expert, you will have access to the right advice in this area.

The complexity of your case and the age and type of bad credit that you may have will determine what interest rate might be available to you. Raising money to pay off HMRC tax bills are usually frowned upon by lenders and there will be certain scenarios where raising capital for a business will face more scrutiny during the underwriting process than others. Speak to a Mortgage Expert to find out more.

Remortgaging to raise capital for personal use with bad credit

There are many reasons why you may want to remortgage your property to take out some money for personal use. Repaying a family debt, to pay for a dream holiday, to buy a car or motor home, to help pay for school fees, and raising a deposit to help a child purchase their first property are all common reasons.

Not all lenders are happy for you to borrow from them for the above reasons. Some will allow you to remortgage for personal use but will want a good reason and evidence to accompany a mortgage application. If you have had some bad credit that is affecting your credit profile, it can make the process more difficult. If you are thinking about remortgaging to raise funds for any of the above reasons, then make an enquiry and a Mortgage Expert will give you the right advice and offer the best solution possible.

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As a mortgage is secured against your property, it could be repossessed if you do not keep up mortgage repayments.