Martin Pelmore, Bad Credit Remortgage

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Martin Pelmore, Bad Credit Remortgage

Those who have bad credit will be surprised to learn that they can obtain a
remortgage on their property with little or no trouble. There are several
mortgage lenders throughout the United Kingdom offering bad credit
remortgages for people who have problems with their credit.

Many of these lenders are offering attractive rates to lure new customers to
them. In addition, some lenders in the United Kingdom offer to pay
administration fees, the cost of the basic home valuation and even the fee
the solicitor charges to tend to the matter.

There are many reasons to remortgage your property. These include obtaining
more flexibility in your mortgage, lower mortgage payments and to secure a
lower interest rate. If you currently have a standard variable rate
mortgage, for example, you may find it desirable to obtain a fixed rate
mortgage so you can budget for the payments. A fixed rate mortgage generally
has a higher rate than a variable rate; however, if you are paying a
relatively high variable rate mortgage you may discover that the fixed rate
mortgage now being offered by some lenders is lower.

If you wish to lower your monthly mortgage payments, you may choose to
remortgage with a tracker rate mortgage. A tracker rate mortgage rate is
generally lower than a fixed interest rate mortgage. The tracker rate is
generally slightly higher than the Bank of England?s base rate. As the base
rate is now quite low, it may be financially beneficial to remortgage using
a tracker rate mortgage.

Many lenders offer discount rate mortgages that also tend to have a lower
interest rate than a fixed rate mortgage. Unlike tracker rate mortgages,
discount rate mortgages are based upon the lender?s rate and are generally
fixed for a short period of time.

Those who wish to obtain more flexibility in their mortgage payments, may
choose a mortgage that offers payment holidays in which the normal payment
is suspended for a period of time. Others may choose a mortgage that offers
the borrower to make overpayments on the mortgage without incurring a early
repayment charges.

Other options available in remortgaging include getting an interest only
mortgage or a split mortgage. Both of these mortgages substantially lower
monthly payments as they require the borrower to pay only the interest, as
is the case with a interest only mortgage, or part of the interest, as is
the case with a split mortgage. Borrowers should realise that in both of
these cases they are not paying down the capital owed on the property, which
will fall due after a specified period of time. However, if you plan on
receiving a large sum of money in the future, such as an inheritance, an
interest only mortgage may be an ideal plan for you.

There are many different bad credit can remortgages available in the market
today. Those wishing to remortgage their property can look at the variety of
bad credit re mortgages offered in the market by visiting Finance Tracker to
learn more about the different rates and types of mortgages that are
available in the market.

 Use the Finance Tracker service and apply for a bad credit remortgage at
competitive rates. Finance Tracker will find you a re mortgage from the
whole of market. They specialise in adverse credit cases for home owners.
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