Suppose you want to get a remortgage with a default. In that case, the criteria for qualifying will be the same as getting a conventional mortgage, which implies that it would be feasible for you to refinance your property when you default on your credit profile. We at MortgageKey will show you how to refinance with a default.
To get a remortgage with a default, you must find a suitable and understanding mortgage company that can offer you the remortgage that best suits your needs and consider your entire scenario rather than just judging your application on a default basis.
How to Remortgage with a Default
If you apply for a remortgage with a lender that is a member or partner of the same mortgage company you used previously, your application is likely to be rejected. Moreover, the nature of the default will vary depending on how much you borrowed, for what purpose it was borrowed, with which line of credit it was associated, and, frequently, from which lending company you borrowed.
As a result, it is critical to find a specialist lender and collaborate with them to assist borrowers who want to remortgage with a default.
The lender will also consider how long it has been since a default credit situation occurred when evaluating the application. If the default has happened recently, like in the past year, it would be considered more severe than three to four years ago.
Take a significant amount of time between the default and again applying for a remortgage, as within this time, you have a chance to improve your financial record and credit score, which will help you get a remortgage like other customers with no default.
Still, some lenders will be happy to consider your application for a remortgage even if your default happened recently, as different lenders have different qualification criteria.
Consult with a mortgage advisor that is an expert in this field and has excellent connections with remortgage lenders. Because they will be able to lead you in the right direction to get a remortgage by letting you know the necessary information that a lender demands and helping you find a suitable remortgage lender. Still, if you have any questions about this concern, feel free to contact us.