Mortgages For People With Bad Credit

Mortgages For People With Bad Credit

If you’ve had an IVA, you might be concerned that you won’t be able to get a remortgage product – especially one that’ll actually reduce your monthly repayments. In this guide we’ll look at:

  • How we helped our customer to get a new mortgage with the same lender
  • Ways Clever Mortgages could help you find a mortgage with poor credit
  • Why use a mortgage broker to help you find a lender who’ll lend to customers with bad credit

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, we were able to help Mr and Mrs T

  • Get a mortgage, even with a poor credit history
  • Secure a lower rate than their current mortgage
  • Bring down their monthly repayments, to help them get back on track

 BalancePaymentRateTerm
Current Mortgage£93,360£803.004.99%13 Years
New Mortgage£93,360£678.562.14%13 Years

Completed 05/06/2019

Our client had been in an IVA, which was completed by the time they came to enquire with us. Their main goal for the remortgage was to bring down their monthly repayments, which was more important to them than reducing the term. Our broker searched and found that the best deal for them was with their current lender – making it easier still to switch.
We were delighted to be able to take the hassle away from the remortgage process for them, and to secure this remortgage deal. We found a great deal, reducing their rate from 4.99% to 2.14%, bringing their monthly repayment down from £803 to £678.56 – meaning they save over £120 every month – over £1450 a year.

It’s true that getting a mortgage with a default can mean your options are more limited – but we can help to find the right remortgage deal for you, that could make a big difference to your monthly outgoings.

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, we were able to help Mr and Mrs T

  • Get a mortgage, even with a poor credit history
  • Secure a lower rate than their current mortgage
  • Bring down their monthly repayments, to help them get back on track

Previous Mortgage

Balance £194,976
Payment £941
Rate 3.99%
Term 24 Years

Current Secured Loan

Balance £26,458
Payment £273
Rate 7.91%
Term 24 Years

New Mortgage

Balance £222,429
Payment £1,420
Rate 1.89%
Term 15 Years

Completed 08/10/2018

Our client had a mortgage on his home with his ex-partner – he wanted to remove her name from the mortgage, and consolidate his secured loan. He had a budget of £1500 per month, which was slightly more than he was paying for the two products at the time – but for the increased payments, he wanted to reduce is mortgage / loan term significantly – so that he would be mortgage-free by the time he retired.

We were delighted to be able to take the hassle away from the remortgage process for Mr H: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage.
We found a great deal with a trusted lender, and were able to get the mortgage with him as a sole applicant, meaning he was no longer financially tied to his ex-partner. We were also able to reduce the term of the mortgage by 9 years, all whilst keeping well within his £1500 per month budget.

We’ve helped 1000s of customers, just like you with bad credit, to get on the property ladder.

We help customers with bad credit every day, and we know the best lenders and products to look to for each individual situation. We could give you the best chance of getting on a great remortgage deal, even if you’re:

  • Needing a mortgage after an IVA
  • Looking to remortgage with a debt management plan
  • Worried about other defaults on your credit file
  • After a bad credit self-employed mortgage

Enquire with us about getting a remortgage with bad credit, and we could:

  • Search for the right deal for you, even if you’ve got a poor credit history – many of
    the customers we help have found themselves in a bad credit situation, and might
    have been on a Debt Management Plan or in an IVA.
  • Discuss with you the different options available – for instance, you might not have considered using a guarantor or applying for a joint mortgage, we can discuss what might give you the best chance of getting a mortgage on a better rate.
  • Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.

Why should I use a mortgage broker for my remortgage?

  • Some remortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults
  • You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
  • Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
  • They can take the hassle of application forms away – talking you through every step, and asking all the right questions

What next?

If you are looking for expert advice on getting a remortgage with bad credit, contact our team today. We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.