A bad credit remortgage lets you release money by using the equity in your property as security. Specially designed for people with bad credit problems, it is a growing market and so products are varied and competitive. You can use a bad credit remortgage to release cash for:
* Clearing debts – if you have built up credit card, store card or other loan debts, or you are having trouble meeting your existing mortgage payments, a bad credit mortgage can release enough funds to clear those debts away, leaving you with a single monthly payment.
* Funding home improvements – The continued growth of the UK property market means that prices are still high across the country, and many people can’t afford to move. Instead, they look for ways to increase the space in their existing home. Conservatories, general extension and loft and cellar conversions are all cheaper than moving house, but require a substantial sum of money to complete.
* Wedding costs – the cost of hosting a wedding has risen markedly in the last few years and many parents simply don’t have the spare cash required to pay for dresses, receptions, cakes and cars. If you have bad credit, then many loan companies may turn you down and others may charge high interest rates. Look at the option of a bad credit remortgage to see if it will release the cash you need at repayments you can afford.
* Special occasions – a round-the-world trip for a wedding anniversary or a one-off family holiday whilst the kids are still at home – whatever special occasion you need to raise funds for, a bad credit remortgage could be the answer. Talk to a mortgage advisor to see if it’s right for you.
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