Getting a new mortgage if you have bad credit

If you’re looking to remortgage with a bad credit rating, one of the best things you can do to increase your credit score is to obtain an unsecured personal loan. This type of loan, unlike secured loans such as mortgages or car loans, does not require collateral like an asset or property – meaning that lenders will be more likely to lend to you because there’s nothing they can take away if you fail to pay them back on time. This means that borrowing the money should be much easier with an unsecured personal loan, which in turn increases your chance of being approved for your mortgage.

If you’re looking to remortgage with a bad credit rating, one of the best things you can do to increase your credit score is to obtain an unsecured personal loan with an interest rate no higher than 5%. Since personal loans are unsecured, they have lower rates than mortgages or home equity loans, which are secured by collateral. Be sure to only borrow what you need in order to keep your debt-to-income ratio low and continue making on-time payments on all of your debts.

Getting a new mortgage if you have bad credit

When you’re applying for a new mortgage, the lender will want to see that you’ve taken steps to improve your credit score before approving you for the loan. If you’re in the process of doing this, one of the best things you can do to increase your credit score is to obtain an open-ended personal loan and use it to pay off any debts or credit cards that are sitting on your credit report and have high interest rates.

Outline

  • Remortgaging with bad credit
  • Three steps to get a mortgage when you have bad credit
  • Tips for getting a low rate
  • How to improve your rating
  • Dealing with poor credit ratings

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