Many people can find themselves in difficulties with mortgage or other loan repayments, which can result in a bad credit rating and problems borrowing money in the future. When you apply for a new mortgage or remortgage this might be refused, even though the problems are in the past.
However loans, mortgages and re-mortgages can often be obtained for those with past or present credit problems, even County Court Judgements (CCJs), as long as you own your home and it is of sufficient value. For many people, obtaining a fresh loan and reorganising their finances can bring large savings. If you are having difficulties, it is always a good idea to approach a specialist mortgage provider in order to give you professional advice and avoid damaging a credit rating even further.
There are specialist lenders who have experience with bad credit mortgages and may be able to assist you, provided you own your own home, with or without an existing mortgage. You may be advised to take out a fresh mortgage in place of your existing mortgage, giving you some spare cash to repay outstanding loans and at the same time making savings in your monthly payments.
source:http://www.ukpropertyshop.co.uk/bad-credit-mortgage.shtml
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