How Can I Check My Credit Rating
House prices have fallen substantially since July 2007 and millions have badly damaged their credit rating because they've defaulted on debts. How can I remortgage my house if I have fallen "underwater" with negative equity or have a history of bad credit? Well, it isn't easy, but it can be done. Much depends upon your current personal circumstances and whether other factors are sufficient to underwrite the risk of default. The bottom line is that the lender doesn't want to lose its money.
Can I Remortgage with Negative Equity?
Your home is worth less than the loans secured on it so remortgaging is bound to be difficult. In an article for the BBC News on the 31 August, 2010 titled "Housing group gives four-year negative equity warning," the National Housing Federation (NHF) stated that the average home buyer in England and Wales "may now have to wait until 2014 before prices recover enough to make their homes worth more than their loan."
After the recent financial debacle, the days of 125% mortgages are probably gone forever. However, if you're one of the 3 million existing mortgage customers of Lloyds TSB, Halifax or the Cheltenham & Gloucester, you may still be able to refinance your home by using your savings as collateral.
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