Re-Mortgages - The Facts

Despite the credit crunch and the withdrawal of many lenders from the mortgage market it is still possible to get re-mortgages particularly if the sum to be borrow is a smallish proportion of the market value of the property, and the cheapest deals are usually for borrowers with clean credit records who are looking for up to about 75% of a property's value although a good broker with the right contacts should be able to find a good deal for the majority of clients.

Up to 95% is still available - subject to status of course - for those whose brokers know where to look, although the interest rate would be slightly higher than that charged to a client looking for just 75% or so to reflect the lender's increased risk. Where a customer's credit rating is not so good there are a shrinking number of lenders to choose from but a few still remain, with some who are accepting clients with marginally poor credit records right through to one or two who will accept just about anyone but as usual the worse the credit rating the higher the interest rate and the lower the proportion of the loan to the property's valuation with about 60% being the maximum for really bad credit applicants. A good, experienced broker should have good contacts with many lenders and be able to help you to apply to the one that was most suitable for your own requirements.

It is not really a good idea to shop around from lender to lender looking for the lowest cost remortgage. Many traditional sources have stopped offering them altogether and lots of others have tightened their criteria considerably so someone who shopped around could not only waste a lot of time but could also run a risk of harming an otherwise reasonable credit record if too many entries appear on the credit searches, and having an application refused could harm it further. A better prospect may be to approach a friendly and efficient broker who specialises in this type of business because you would then only have to make one application since the staff would know which lenders can help particular borrowers, what their lending criteria are, and which ones could offer you the best deal and they would only submit your application to those lenders that were most likely to approve it.

Finding a mortgage at all, let alone one at a reasonable rate, is particularly difficult for clients whose credit rating is poor or those who are self employed and cannot prove their income. Bad credit and self certification mortgages are still available but they can be very difficult to find - however, a good broker will know where to look!

The principals of Apple Mortgages Ltd  have excellent contacts amongst both High Street and smaller more specialised lenders together with decades of experience of helping clients find the right mortgage or re-mortgage. You can phone them free on

0800 0837747


Apple Mortgages Ltd are authorised and regulated by the Financial Services Authority (FSA)

Please remember that you could lose your home if you if you failed to repay a mortgage or remortgage which was secured against it.

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