Mortgages are a common way for people to get the money they need to buy a home. Mortgages can be given to people who want to buy a new home or to people who already own homes but want a different mortgage. This is called a "remortgage." Many people can get mortgages and remortgages without any problems, but there are quite a few who can't. In the next few paragraphs, we'll talk about some of the reasons why people have trouble getting mortgages and remortgages.
Judgement from County Court
People in the UK who have a county court judgement, or CCJ, may have trouble getting a mortgage. A county court judgement is a decision made by the court that has the right to do so. When someone has a county court judgement against them, it may be hard for them to get a mortgage or remortgage in the future. It's important to remember that CCJ remortgages are possible, so if you have a county court judgement against you, don't give up.
Problems with Self Certification
People who can't show where their income comes from often have trouble with self-certification issues. This could make it harder for some people to get a mortgage or remortgage, since many lenders want to see proof of employment and the amount of annual income from that employment. Mortgage lenders and remortgage companies may have ways to deal with problems with self-certification so that the person can still get a mortgage or remortgage. For help finding the best self-cert remortgage, a person could ask the lender if they can give this person a remortgage.
Poor Credit
Poor credit is another problem that might come up when trying to get a mortgage or remortgage. Some lenders may not like people with bad credit, but there are some in the UK who specialise in bad credit mortgages and bad credit remortgages. Even if a person has bad credit, a mortgage lender or remortgage loan lender may be able to find ways for them to still get these types of loans.
Defaults
Defaults are another type of problem that can happen with a mortgage. When someone doesn't pay back their debts, like credit cards or personal loans, they are in default. This kind of bad debt may make it hard for the person to get some mortgages and remortgages. Some lenders will look at the defaults, but they won't let them stop the person from getting a mortgage or remortgaging in general. Those who have defaults on their credit report can get a bad debt mortgage or a bad debt remortgage.
Summary
People who want to finance the purchase of a new home or get a new mortgage may run into some of the mortgage problems mentioned above. It's important to be aware of the different mortgage problems that can happen, but also to know that a mortgage company or remortgage broker can help anyone get a mortgage or remortgage, no matter what the problem is. Do some research on your own to find the answers to your mortgage questions. You can find mortgage information, advice on remortgaging, and information on remortgaging.
