Can you get a no credit check refinance?

Now lending is so tight as a result of the credit crunch, if you don’t have much equity in your home you have some tough decisions to make. In the peak of the lending boom some UK lenders were offering 85% commercial mortgages and an amazing 91% LTV But to let mortgages. It was easy then to find a remortgage with bad credit.

Now it has all changed, and it’s hard to get a competitive mortgage with a loan to value over 70%. Self cert mortgages which were so common around 2004 to 2007 now are few and far between and the ones that are around have very high fees and very low loan to values.

If you’re a person that does not have a good proof of income, or doesn’t have much equity in their home, or has a lot of bad credit, your most sensible and realistic course of action is to just simply send the keys to your house back to the lender, especially if you can rent a home cheaper than your mortgage payments and other property owning costs are less than the rent on a similar property.

What about a remortgage for people with bad credit?

If you do let the repo man take your house by the time all your bad debt has been written off and you are credit worthy again, that’s probably the time back to get back into the property market, ready for the next bubble starting to inflate. If you have savings, don’t tip them into your home so you qualify for a remortgage for people with bad credit. These types of refinance are very expensive. You can try and look for a no credit check refinance, but I don’t think you will find one.
If you have equity in your home, it maybe a good idea to sell your home and rent rather than let the repo man take it.