Remortgage Residential property issue

[khuram]

Hi guys I am looking to remortgage my residential property to release some equity from it - but i have a very bad credit rating. When I mean bad, i mean default bad. Please no comments on this.

How can i release some equity from the property? Please only viable solutions - i know im pretty much 'stuck' with options but there has to be a way. 

I remortgage every two years with halifax - not getting the best rate but the best rate available to me (credit rating trash)

[Stuart Phillips]

Adverse credit lending is very specific. It depends on the number, frequency and amounts involved and the lenders in this market have a matrix that determines the cost for a given situation.

You need a mortgage broker and you need to download a CheckMyFile report because that gives all three reference agencies on one page. Thats important because lenders use a combination as not all debt shows on all reference agencies. If theres anything still not settled then that would be the end of the road for me. You cant ask a lender to give you more before you have settled the previous.

My process would be to review the report, shortlist lenders and rates and then look at the other factors to decide on a solution. You wont like the rates though, they can be up around the 6% - 7% mark potentially, however ive done some mortgages at 3% - 4% for people with huge defaults that were over three years old.

If there isnt an lender, or a rate you can stomach, then the only option is to put more time between the application and the defaults.

[khuram]

Thanks Stuart, very helpful. Think I need to out a little more time between application and defaults. Can hopefully resolve in that time.