Remortgages with bad credit

We’ve helped 1000s of customers remortgage with bad credit to be able to achieve cheaper mortgage payments

Bad credit can be seen as a barrier when trying to get a remortgage. Clever Mortgages don’t see it this way and specialise in helping those with bad credit secure a mortgage whether you are looking at buying a house or remortgaging.

A bad credit history can be problematic when you’re looking to remortgage. If you’re eager to switch to a better deal and your credit rating is letting you down, we may be able to help. The brokers at Clever Mortgages are experienced in helping people just like you remortgage with bad credit.

  • Even with a registered CCJ, Default, Missed Payment, DMP, IVA
  • Many lenders will still loan to people with bad / poor credit
  • Remortgages
  • Declined a mortgage

Did you know we could secure a remortgage/product transfer 6 months before your existing fixed rate ends

A bad credit history can be problematic when you’re looking to remortgage. If you’re eager to switch to a better deal and your credit rating is letting you down, we may be able to help.

The brokers at Clever Mortgages are experienced in helping people just like you remortgage with bad credit.

We try to answer all your questions about remortgages in this section. But if there is anything you don’t understand, or need more information, click live chat in the bottom corner or give us a call on 0800 197 0504 and we will be happy to discuss your remortgage queries.

When you remortgage, you don’t need to move home. Instead, you switch from your existing mortgage to another one. This could be with the same lender or a different one. This typically happens when the existing mortgage ends or when a fixed rate ends, or when circumstances suggest that switching deals may be cheaper.

There are many reasons why you may want to consider a remortgage, even if you have bad credit. You may just need a better interest rate, which could save you money each month or give you security of payment. Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.

Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

This may depend on whether you have been late with just one payment or whether you have a history of making late payments. Being late is not the same as being in arrears – a late payment is deemed to be one that was made the same month you were due to pay it.

For example, let’s say your mortgage payment was due on 5th May and you paid it on the 23rd May. That would count as a late payment. If, however, you didn’t pay it until June, you’d be considered as being in arrears.

If you’re habitually late making payments, look at setting up direct debits or standing orders, as appropriate, to make sure you don’t fall foul of forgetfulness. It’s a much easier way to keep your credit record as clean as you can. Furthermore, one missed payment on an unsecured source of credit may not be viewed as seriously as one missed payment for a mortgage or other secured loan.

If you’ve already been declined for remortgaging owing to a late payment, we may be able to assist you in finding a specialist lender who is more lenient than regular lenders. Call today to find out more.

It’s best to start by looking at your current mortgage deal. Find out when it ends and whether there are any charges involved if you switch deals early. If you don’t do anything and let your existing deal finish, your lender will likely switch you over to their standard variable rate (SVR) – and that could be pricey.

You should begin looking for a new deal before your current one ends. By using experienced brokers at Clever Mortgages, you may find it easier to locate a better deal.

When you are ready to switch, you should search for a lender who can offer a decent deal. A broker can help you search a wider portion of the market, which is especially important if you’re looking to remortgage with bad credit. Clever Mortgages specialises in helping customers with bad credit, so you’re in a good place.

The first step is to get an Agreement in Principle, otherwise known as an AiP. This doesn’t need a full credit check – it merely gives you an idea of what you may be able to borrow if you’re accepted. If you go on to make a formal application, the lender will review your credit history, income, affordability and let you know whether you’re approved. They’ll also arrange for a property valuation to take place.

If you switch to another lender, you’ll need to hire a solicitor to do this for you. A conveyancer also offers this service. However, some lenders will handle this part for you as part of the deal. Check the details to find out more.

Once legal completion has taken place, your new mortgage will repay your current mortgage and an additional funds raised will be used for the required purpose. If this is debt consolidation funds may be sent direct to the provider. If it’s for home improvements, it will go to you.

Your new lender will let you know the new payments to make and when, the first one might be higher as it could cover more than one month.

If you cannot find a competitive remortgage deal with your current lender, it may be time to look elsewhere. The application process may be more involved than it would be if you stayed with your existing lender. They won’t know you, so you’ll need to complete more paperwork to supply all the information they need. However, this is all simple enough.

If you find a competitive deal with another mortgage provider, you’ll need to get an Agreement in Principle (AiP) first. When you’re ready to switch, you’ll need to make a formal application for that mortgage deal.

Switching may be harder if you have bad credit. However, it’s not impossible. We regularly help people find better remortgage deals. There could be extra costs involved when switching to a new lender, but our expert brokers can guide you through the options to find a competitive offer.

Finding the best remortgage rates is even more important when you have bad credit. You’re likely to pay higher interest rates if you have a bad credit history. However, as with all mortgages, you need to shop around to compare deals and see which lender may have the best option.

You may find it simpler to use a broker in this situation. Our brokers have extensive knowledge of the marketplace when it comes to finding bad credit remortgage deals. Contact us today to see how we may be able to help.

It depends on the individual circumstances. However, it usually takes at least four weeks and anything up to eight weeks. It may be easier if you end up switching deals with the same lender rather than swapping to another one. However, finding the most competitive and relevant remortgage offer for you is most important.

Finding any mortgage can feel challenging. While you don’t need to use a broker, if you do, it means you should benefit from a wealth of experience you won’t have. Clever Mortgages can guide you through the possibilities and see if it is possible to find a cheaper and more competitive remortgage offer today.

For free initial advice from our qualified mortgage brokers about remortgaging, call 0800 197 0504 or click below to request a callback at a time to suit you.

Case Study

We saved Mr H and Mrs H, almost £500 per month.

Mr H had finished an IVA but Mrs H was still in her DMP, they also had 3 other debts and wanted to consolidate all into one mortgage payment.  Combining both mortgage and secured loan would overall bring the interest rate down.

We managed to find the couple a low fixed rate of 2.10% which makes a real impact to what was the combined monthly repayments of £1,583 (mortgage £490, secured loan, £436, other debts, £657), lowering them to £1,098 – meaning they are making an impressive saving of £485 a month

 BalancePaymentRate
Previous Mortgage£61,000£4901.25%
Previous Secured Loan£43,000£43610%
Previous Unsecured debts £44,320£657
New Mortgage£150,000£1097.672.10%

No obligation advice on Bad Credit remortgages

Why use a mortgage broker?

Most of our customers have had some form of credit difficulties, from low credit score, missed payments or declined a mortgage elsewhere.

Watch our video on the mortgage application process

There are many reasons why you may want to consider a remortgage, even if you have bad credit.  You may just need a better interest rate, which could save you money each month or give you security of payment.  Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.

Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

6 Great reasons to choose Clever Mortgages

Specialists in bad credit

Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.

Over 100 lenders

The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.

Not every case is the same

As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.

Access To Exclusive Rates

The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.

Offering the best support

We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.

Excellent Reviews

We’re proud of our long-standing 5 Star Rating on Trust Pilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.

About Clever Mortgages

We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:

  • With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
  • Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
  • With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
  • Our team know the lenders that are most likely to say ‘yes’, and give you the best rates

What should I do next?

  • You enquire online with us today or request a call back
    Our simple form takes a couple of minutes to fill in, this gets the ball rolling
  • One of our experts will give you a call to find out more about your situation
    We have experts in remortgaging, who focus solely on helping customers save money
  • We do all the hard work for you
    We search the market for the trusted lender that’s right for you
  • Our expert will get back in touch
    We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Meet the team

Sarah Tinkler

With over 15 years within financial services, Sarah knows exactly what can and cant be achieved from a mortgage perspective and there are not many scenairos she hasn’t faced.

Call us on: 0800 197 0504

Below are some of the lenders we work with