If you are looking to remortgage with bad credit, then it can prove to be a difficult situation.
Should I try to remortgage with bad credit?
Specialist brokers like Doctors Mortgages Online are able to source mortgage deals for those with bad credit. Via a scheduled telephone call we can discuss your situation, talk through any previous unsuccessful mortgage applications, and take down all the details we require in order to build a bigger picture. Ultimately, we want to be in an informed position so that we can work your application so that it is favoured by a lender.
Making a remortgage option available to you
Everyone’s credit circumstances are specific to them. As a doctor, you will have a decent income and it is more than likely that any bad credit situation you may find yourself in, is a short-term one. It can be difficult to source the correct lender for you, when you need to remortgage at this particular time in life.
Believe-it-or-not, there are lenders out there who are prepared to lend to individuals with bad credit if they can see light at the end of the tunnel.
When you obtain a mortgage offer based on bad credit, you could pay an increased interest rate on your repayments, but this isn’t always the case. It heavily depends on the lender that is willing to work with you and make a mortgage offer available to you.
What can affect my credit rating?
Your credit rating is based on a number of different financial factors. If you have ever fallen behind on, or missed the minimum payments required for credit cards, phone bills, store cards, or any personal loans, then this can go against you in terms of your credit rating.
This information is recorded and forms part of your individual credit report, which is viewed by lenders when they consider your application. If you have missed multiple repayments, then this is indicated by a default and can stay on your report for many years. The more time that has passed since you last default the better when it comes to giving a more positive impression to lenders. Multiple defaults can really limit the number of lenders that would be willing to consider you for a loan.
You can view your credit score and see a copy of your credit report by signing-up to a free trial from credit report sites such as Experian.
What if I have a County Court Judgment and mortgage arrears?
When considering a mortgage application for someone with poor credit, a lender will measure credit levels in units between one and three, and assign an individual’s credit problem a score somewhere on this scale. If you have a recent County Court Judgment (CCJ) or mortgage arrears against your name, they will usually be allocated a higher score. However, all lenders view these circumstances differently and just because you have a high score, it doesn’t mean that all is lost.
Certain lenders view credit level scores differently, and this means that it is in fact possible for a doctor with bad credit and even County Court Judgments, to remortgage. Whatever the reasons for bad credit, a remortgage could also help you to get your finances back on track.
What can you do if you have been refused or declined a remortgage due to bad credit?
Being refused a mortgage or remortgage based on bad credit can be embarrassing, and leave you in a difficult situation, especially if your current mortgage is coming to an end, you need to move quickly, or don’t want to lose out on a certain property. Remember that lenders vary widely on their specific criteria and they will work with those they don’t consider to truly have bad credit, and those who they can work through a short term bad credit spell with.
A Doctors Mortgages Online mortgage adviser will only compare remortgage loans with those lenders who understand your credit situation. Having been rejected is not an indication that you have reached the end of the road. The likelihood is that you have been speaking to the wrong lenders.
Why choose Doctors Mortgages Online when you need to remortgage with bad credit?
When a doctor has bad credit, getting a mortgage can be difficult, and you need to work with a specialist lender that understands your circumstances. Detailed criteria must be met in order to find a lender who is willing to lend to a doctor will bad credit. Our medical mortgage advisors have years of experience in helping doctors remortgage with bad credit. They will review your individual circumstances surrounding your finances, and find you a suitable lender who is prepared to give you a mortgage loan.
Our medical mortgage advisers will speak to a lender on your behalf, and provide them with all the information they require, saving you time and stress. Having a third party broker like Doctors Mortgages Online acting as a liaison between you a potential lender increases your remortgage success rate.
If you are a doctor, junior doctor, surgeon, GP or locum and need to speak to a specialist adviser about how to remortgage with bad credit then contact us for help and advice as to establishing the best route forward.