Defaults and need to remortgage?

Defaults with a mortgage,loan or credit cards canmake it hard to remortgage. This is especially true when the mortgage market is experiencing a period of cautious lending.

Lending institutions regard people who have defaulted on credit arrangements as irresponsible borrowers. They will therefore try to mitigate lending risk by either no lending to them at all, or charging higher interest rates whilst requiring larger assurances through deposits or remaining equity.

A remortgage to a new lender may be the only way of revitalising your financial situation. With fewer and fewer lenders offering non status products it could be worh speaking to a mortgage broker to help you choose and guide you through the application process.