Asked 3/14/2011
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What is remortgage with adverse credit ? What is remortgage with adverse credit ? |
Answer 1/1 - Submitted 3/14/2011
Hi and thanks for the question. A remortgage with adverse credit, also known as refinancing with adverse credit, is the process by which one mortgage is paid off through the proceeds of a new mortgage. The same property is utilized as collateral for the new loan.
When a person has poor credit, their refinance is known as "remortgage with adverse credit". Many times a person will utilize a refinance to consolidate debt and rebuild credit. Many lenders will look at a persons credit history and offer a remortgage with adverse credit if they feel the customer is no longer a risk.
I hope this helps
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