Move up in the world with a remortgage
With the credit crunch looming, life just got harder for those who have to borrow to buy. Whether you’re looking for your first mortgage, or seeking out remortgage brokers for that loft conversion, the experience is broadly the same.
Unless your credit record’s lily-white, lenders just aren’t interested.
That’s because lenders use a scoring system, based on an individual's credit history, to calculate risk – and there’s an increasing trend to restrict mortgage offers to those with the best scores.
Many would-be house movers are opting instead to remortgage their existing homes to finance extensions or renovations. With house prices and moving costs at an all-time high, a remortgage certainly seems an attractive alternative.
But applications for remortgage are just as likely meet refusal. Even for the top credit scorers, there can be difficulty obtaining a mortgage directly from a lender, if, for example, the mortgage required is very large or the property is unusual in some way.
The bottom line is that credit can no longer be taken for granted.
At Sam Hawking & Co, we have experienced mortgage brokers who can lead you through the credit minefield. Ask our brokers how to improve your credit rating and get the best mortgage and remortgage offers on the market.
Call Sam Hawking on 01639 884884.
