Poor Credit Rating But Want To Remortgage… What Can I Do?
my credit rating is poor, ive checked this is down to a loan and a credit card, i lost my job 3 yrs ago and got behind on payments, now im in a full time job and all is ok there have been 4 3yrs now.
ive got 45000.00 equity in my house and want to remortgage only by 15000 to clear the debt off but my bank wont let me.
im very annoyed at this i can easily afford the payments on the re mortgage, i want to clear my bad debts but they wont let me, i thought banks were meant to be helping the common person now we bloody own nearly all of them! im so annoyed at this, i feel im stuck now and don’t know what to do??? we would like to move at the end of the year but wont be able to now as we cant get rid of these debts! can anyone suggest anything or a company who lend to people with bad history?
thanks
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freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Firstly – if you in the UK, get hold of a copy of your credit file from Experian or Equifax to see if there is anything adverse you may not be aware of. If you have had no problems for over three years, a debt consolidating remortgage may be possible, so long as your total new remortgage does not exceed more than 75% of the house value. You will still probably have to pay premium interest rates. Speak to an independent mortgage adviser.
Bank lending standards have dramaticly risen due to the financial crisis. Even people with good credit (650+) are finding it difficult to obtain loans. You really need excellent credit (700+) and a stable income history to be assured of a loan today.
Unfortunately, this means that you will probably not qualify for the type of loan you are looking for. Be smart though and don’t get involved with non-traditional lenders who charge excessive interest rates. No matter how much you want it, home loan is worth paying unfair rates for.