You should think carefully before securing other debts against your home because consolidating debts could increase the total amount you pay back. Your home may be repossessed if you do not keep up repayments on your mortgage.
Remortgaging with bad credit can often be difficult but if you’re worried that a change in your circumstances will lead to lenders saying no, we’re here to help. Our common sense approach to lending means that we can be flexible when it comes to your income and credit status.
All of our decisions are made by people, not computers and our team are experts at separating the low credit scores from the individual. By judging each case on its merits and, most importantly, whether the sums add up, we can often lend when others can’t.
So, if you are looking to remortgage your home or you simply want to change rates to reduce your monthly payments, we won’t let a couple of missed payments or change in your employment status get in the way of remortgaging your property.
*Subject to application, status and lending criteria. You may be offered a higher rate.
To help you understand a typical cost for a mortgage, please see the representative example below. The figures used are for illustration purposes only, your actual costs and monthly payments will vary depending on your mortgage.
A mortgage of £146,000 payable over 22 years, initially on a fixed rate for 5 years at 7.99% and then on a tracker rate of 1.8% above the Together Homeowner Managed Rate (THMR) currently 9.25% (variable), for the remaining 17 years, would require 60 instalments of £1,195.07 followed by 204 monthly payments of £1,449.32 plus a redemption administration fee of £100.00. Read more information on THMR.
The total amount payable would be £367,465.48 made up of the loan amount (£146,000) plus fees (arrangement fees (£1,495), broker fees (£862) and redemption admin fee (£100), plus interest (£219,008.48).
The overall cost for comparison is 10.1% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
Yes, if you're trying to get a mortgage but have a low credit score or no credit history, you may find your options limited. But not with Together, we’ll listen to your story and look for the most suitable solution.
Do you want to understand the potential cost of your mortgage or loan?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Find out here