An Adverse Remortgage is a Remortgage which is offered to people that have some form of adverse credit. Adverse can also be termed adverse, Bad credit, Poor Credit or Non status or sub prime. It usually means that the client has CCj's (County Court Judgements) or defaults, or has missed payments on a Mortgage or secured loan (Arrears) or even arrears on some form of unsecured credit.
The adverse remortgage market has been hit particularly bad by the recent credit crunch.The American Adverse market has been partly blamed for the problems. Essentially, the relaxing of the criteria within some American banks meant that people who would normally have been possibly refused,were granted mortgages. Unfortunately,some were unable to keep up repayments and this has been part of the reason their have been an increase in foreclosures/repossessions.
Within the UK, their have not been the same problems, although because the investment and money required for UK institutions comes from similar sources , there has been a tightening of the criteria for adverse clients. This has meant the adverse client now has less choice than before and generally will pay higher rates.Also the amount of adverse information accepted has become less generally.This has been even more pronounced within the secured loan market, where several lenders have pulled out of the market and the remaining lenders have tightened criteria to the point that the maximum Loan to value is now only 70%.
A remortgage packaging company will be able to assess your requirements and save you a lot of time and wasted credit searches, by sourcing the best remortgage for you.
Alan Reed is a business owner and has worked in the Finance sector for many years, he writes for the following websites, http://www.completehomeservices.co.uk, http://www.chrysalisfinance.co.uk and http://www.e-loans4you.co.uk
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