Adverse credit remortgagesAre you trying to refinance a property so that you have funds to spend at a property auction? Do you feel that things might just go against you because of your recent credit history? You can still get adverse credit remortgage quotes from a few select lenders. As long as you have ample equity in a building, it could be likely that a sympathetic lender could help you out. However it does take time to find secured finance with a less than perfect borrowing history over the past few years, so using a bridging loan in the short term may be a viable option to help you fund a new property purchase until you can actually either find the extra long term financing or until you sell a current property. |
We are not saying that if you have a couple of defaults on your credit report, that no lender will touch you, what we are saying is that the time it takes to set up these things could mean you miss the house that is up for auction due to not having your financing in place. This is why we recommend using bridging loans as a form of borrowing if you want to buy a home at auction.
Secured re finance
Once your bridging loan to used as auction finance is in place, you then have the funds to bid on the property and have also bought yourself some valuable time for long term lenders to assess your position and to make an informed decision on your remortgage requirements.