Do not be tempted to remortgage when facing repossession unless you are certain you can
meet the monthly payments. Many sub prime mortgage lenders will advertise attractive rates that will increase automatically
after a fixed period. However, you may not be able to remortgage again at that point if lenders continue to squeeze credit.
If you continue to remortgage so that your home equity is less than 15% you may find it impossible to sell your home quickly to a
cash buyer and sell and rent back will certainly not be an option.
Remortgaging means taking on MORE debt. More debt means more potential problems further down the line.
Remortgage Facts
Don't be tempted to mortgage more than 85% of your equity. If house prices continue to fall you will not be able to sell
If you have a poor credit rating or past missed payments you will be prey for high cost sub prime lenders
Sub prime lenders have very high interest rates and massive penalties for late payments
If you must remortgage it is better to do so than to take out a so called consolidated loan at even higher rates
Consider selling your home, and even renting it back, before remortgaging into more debt
What Are My Options?
If you need to remortgage it may be better to look at your finances realistically, sell your home and pay off your debts whilst your
credit rating is still relatively good. Remortgaging should be a last resort especially now that many lenders are in more financial trouble
than you are!
You Can Stop Repossession Now
By any of the lenders listed below - Act now - Contact Us
A national cash property buyer, Cash For My House offer ethical Sell & Rent Back Services
that can also include Buy Back Options and Fast Property Purchases.
They also provide a Free Home Valuation Report.
