Who Gets Approved for a Bad Credit Remortgage?

If you are looking for a bad credit remortgage there are several programs that could be helpful. When you have bad credit, you are lumped into another segment of the market, known as the subprime market. Only certain lenders will approve loans in this category, and only certain borrowers get approved. Here are a few things to consider about who gets approved for a bad credit remortgage. 

Selective Process

Just because you have bad credit does not mean that you will get approved for a bad credit remortgage. There are different degrees of bad credit. Those that are on the higher end of the bad credit spectrum will have a better chance of getting approved for a remortgage.

In addition to being on the higher end of the bad credit spectrum, they will also want to see that you have sufficient income to support the payments. You have to have steady employment in most cases and enough income to meet their requirements.

They will also want to see that you have a low enough amount of debt to fit into their debt to income ratios. If you are over-leveraged, they will be very reluctant to give you the money you require. 

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