Debt Management REMORTGAGE

A debt management remortgage will allow a homeowner to apply for a remortgage application whilst on a debt management plan - it may also allow you to consolidate your debt management plan into your new remortgage thereby repaying all your debts in full and put you on the right track to repairing your credit which will mean you should benefit from better interest rates and lower fees for future remortgage applications.

Is a debt management remortgage right for me?

This question is probably asked by anyone on a debt management plan that qualifies for a remortgage and is on a debt management plan. There is no simple answer to this as everyone's circumstances are different but in general terms if it is important to you to repay your bad debt and improve your credit rating (which will mean you will get better mortgage interest rates in the future) then a debt management remortgage may be right for you. Before you apply for a new remortgage its best to speak to a specialist broker who understands both markets so they can evaluate whether it would be best to stay as you are or remortgage and repay your debt management.

Speed up the remortgage application

When people apply for remortgage's, or mortgages for that matter one of the biggest obstacles mortgage brokers face if getting the right information together for the lender in order to get the application to complete as quick as possible. If a person is on a debt management plan it is very likely some form of adverse credit will be listed on their credit file which makes getting the documentation right first time even more important. There are certain things you will need when applying for any remortgage such as ID and proof of resident etc. For a debt management remortgage you will also need to supply a copy of your monthly debt management statement which should show how much you pay to your creditors on a monthly basis, the amount owed to each creditor and the total amount being managed by the debt management company.

Use a debt management remortgage broker

We have spoke to some clients who have had previous mortgage applications get knocked back by a lender due to the mortgage broker not knowing the correct way to explain your requirements to the new lender. A specialist adverse credit mortgage broker should also be able to help with any short settlements or reduced settlement figures to ensure that you clear as much as possible with the remortgage funds - at the very least they will be more familiar with your circumstances and have a better understanding of what you are wanting to achieve.

To read the full article, click Debt Management Remortgage