An Adverse Credit Remortgage is the process of paying-off one mortgage, from the proceeds of a new mortgage (i.e. remortgage), using the same property as security, even if you have adverse credit difficulties. An adverse credit remortgage may be just the right solution for many people.
The benefits of an adverse credit remortgage include saving money by having a fixed rate remortgage or discount remortgage rate, debt consolidation on existing credit or raising cash for home improvements, a new car, business etc., or a combination of any of these benefits - even with adverse credit problems.
It is also very important to consider the implications of an adverse
credit remortgage. Firstly, this will place your home at risk if you
are unable to keep up repayments on your mortgage. Secondly, you should
also be aware of the costs involved with a home remortgage, and you should
weigh-up these costs, such as a property valuation on your home, legal
costs and fees; against the overall costs if you were to take no action.