Taking out a bad credit mortgage

Taking out a bad credit mortgage

Have you been denied a mortgage because of your credit history? Do you have bad credit and wondering how to get a bad credit mortgage?

Clever Mortgages can help applying for a bad credit mortgage

Finding a lender who will be willing to offer a ‘bad credit mortgage’ can sometimes be difficult. Here at Clever Mortgages though, we have access to hundreds of different mortgages and could find you a solution, even with a low credit score. We look at each case individually and work with the lenders who could provide you with the best mortgage based on your circumstances.

Click here to apply for a mortgage

Understanding Bad Credit

A person with bad credit is mainly caused by late/missed payments, defaults, CCJs and bankruptcy.  Having no previous credit, is also linked to a low credit score. Both of these can flag to lenders a higher risk to lend – and a reason why it can be more difficult to secure a mortgage.

Our team at Clever Mortgages understand that everyone’s circumstances are different and they may have got into financial difficulty through no fault of their own, for example long-term illness, a breakdown in relationship or losing their job. We assess people’s financial situation and what they can afford to make sure we help to find the right bad credit mortgage.

Do I have Bad Credit?

If you have missed payments or defaulted on a debt, then your credit score will have been affected and you will have bad credit profile. Other signs of having bad credit include:

  • Being declined for a credit card and loans
  • Being declined a mortgage by a high street lender
  • Declined or increased premiums on insurances
  • Receiving calls from debt collectors
  • Being offered high APRs and low credit limits
  • Not being able to secure a rented property

You can find out your credit score and view your full credit history from a credit file provider such as credit karma, the scores do differ between providers, but it will give you a good guide. The credit report will give you details of who you owe money to, dates of when you have missed payments and a list of companies which have tried to check your credit score.

You might be aware if you have a bad or good credit history, as you have missed payments, been late with payments or not made the payments at all, you may also be pestered with calls from debt collectors.  This will point to your credit score not being as good as it could be.

Why People Fall into Bad Credit

Though people’s cases are usually unique, here are some of the most common reasons people fall into bad credit.

  • Health Challenges: This is one of the (sometimes) unavoidable challenges that could cause bad credit. People who have gone through a rough patch of illnesses that can make it difficult to keep up with payments, especially when they are still in a long period of recovery.
  • Loss of Job: Due to a loss of or reduction in income, you may not be able to meet the agreed credit repayments.  Failure to meet your repayment amounts and deadlines damages your rating. Your repayment history is added to your credit history which lenders will consider deciding whether or not to lend to you.
  • Change in family circumstances: You may have had an addition to the family, which has meant a parent taking time of work, if this has led to a reduction in income, at a time of higher spend, you may find yourself missing payments. Also, a death of a made income earner can have a massive impact on the finance and ability to repay debts
  • Over Committing: You may have taken on too many financial commitments at one time and this has led to unmanageable monthly payments
  • Changes in interest rates: A lender may have increased your interest rate after a special or introductory rate, or you may have breached the terms and they have imposed a higher standard or even penalty rate
  • Divorce or separation: The financial issues that result from divorces can affect your credit. With an immediate change in income and expenditure, it could be that two households are now supported for the same income as a previous one. There could be joint debts and one party may not make the payments as they fall due. This could lead to both credit reports reflecting bad credit. This will continue to go on until the account is completely closed or your name is totally removed from the account.
  • No credit history: Whilst this is not ‘bad credit’. It may come as a surprise that you fall into a similar bracket to it.  You may think, since you’ve had no credit and therefore no chance of bad credit that you are ok to lend to.  However, as you have no proof of paying a debt back on a regular basis, lenders will be cautious in being the first to lend to you.

There are many more reasons people fall into bad credit. At Clever Mortgages, we listen to each individual story, assess the situation, and help to find the right mortgage solution for you.

How Bad Credit affects Mortgage Applications

When a borrower submits an application for a mortgage, the lender will consider many things, the main one being the individuals credit profile and score, this will lead them to a decision as to whether or not to lend.

However, if you have a low score or bad credit, this doesn’t mean you cannot get a mortgage. Clever Mortgages specialise in helping customers every day, achieve their dream of buying a house or refinancing their current property.

Use our mortgage calculator to see our best rates

Please note, individual circumstances may alter results

Loading

Why You Should Use a Mortgage Broker to get a bad credit mortgage

Mortgage brokers are experts that can provide you as a borrower with many lending options, from high street lenders to those that sit behind or may even be part of a high street lenders.  With different products, loan types and rates, if there is a lending option out there, Clever Mortgages will find it.

Using a mortgage broker will not only increase your chances of getting a bad credit mortgage, but it can also help you obtain mortgages with reasonable rates. Furthermore, as a mortgage broker has access to most of the UK lenders and the knowledge of what they will offer, it can save you time and effort in finding the right mortgage.

A mortgage broker will also help you deal with all the necessary paperwork involved in obtaining the mortgage.

Why You Can Trust Us

Clever Mortgages are mortgages brokers you can trust and feel comfortable with. We specialise in finding the right mortgage solution for every individual or family. We do this by reviewing your situation and then helping to find the best bad credit mortgage for you circumstances.

Here are some of the reasons why we are your ideal bad credit mortgage broker:

  • We are experts in dealing with bad credit, having a team of people who are knowledgeable about what to do for individuals with bad credit. We have already helped many people obtain the right mortgage for them. We could help you with yours too.
  • We listen and understand. As a bad credit mortgage broker with valuable experience, we know that not all customer’s cases are the same. This is why our team pays close attention to understand your situation and help you get a mortgage that is suitable for your situation
  • We source the most suitable mortgages for all our customers. We work with more than a hundred lenders, some of whom specialise in providing mortgage for people with bad credit.
  • We have a great support team. We understand how taxing getting mortgages—especially bad credit mortgages—can be. For this reason, we provide our customers with all the necessary support to ease the entire process, helping to make the mortgage process a stress-free one.

You could still get that affordable mortgage you desire, even with the bad credit – helping to get your finances back on track.

We will be there with you all the way. Arrange a callback or click below to apply and see how we could help you

How a debt consolidation loan could reduce your monthly payments

How debt consolidation loan could reduce your monthly payments

If you have lots of payments to make every month and are struggling to afford them, then debt consolidation could be for you.

It’s easily done, for example you pay for some shopping on one credit card, put the payment for your car’s MOT on another, and before you know it your monthly repayments have spiralled out of control.

If this sounds familiar and you’d like to get back on track with your finances, it could be worth looking into debt consolidation.

Used right, it can help you restart your financial life.

What is debt consolidation?

Debts have a sneaky habit of snowballing when you’re not looking.

On top of that, you have to pay, sometimes, hefty sums to multiple creditors each month to cover these debts.

To make matters worse, your credit score could have been affected if you have:

For new lenders, these are warning ‘red flags’ and not all will be happy to accept an application from you. This can cost you time and effort when looking to consolidate debts.

Debt consolidation, in theory, gives you the ability to unite all your debts into one affordable and manageable debt.

It gives you an opportunity to ‘reset’ your debt – and control your monthly outgoings.

At Clever Mortgages, we’ve already helped 1000s of customers who have bad credit. We work with lots of lenders who can provide first or second charge mortgages for people to consolidate their debts even if they have a less than perfect credit score

Types of debt consolidation

There are two ways you can look at consolidating your debt:

    1. Secured

By securing you debts against something you own. If you’re a homeowner this would be via a first or second charge mortgage.

    1. Unsecured

Unsecured loans are simply ones in which you borrow money and agree to a fixed repayment plan, but don’t secure the loan against any kind of property. A standard bank loan, for example, would be classed as an unsecured loan.

How debt consolidation can help to reduce your monthly payments

Debt consolidation can be effective in long-term debt management. The real purpose here is to move your debt to one lender with one affordable payment at a better interest rate.

  • You can pay an affordable payment, which could be for a longer period. However, you’ll know you are keeping up to date with the payments and not impacting your credit rating.
  • We’ll also help you find a lender with the lowest rate available for your circumstances, potentially enabling you to reduce the interest rates you pay on your existing debts. Additionally, you won’t be dragged down by several interest rates for each debt.
  • By keeping up with your new repayments, you could start to improve your credit score. A higher credit score could open up more options in the future.
  • With debt consolidation, you can easily track your finances with one affordable monthly payment.

Looking at the big picture, you could use debt consolidation to become debt-free as your existing credit cards and loans will have been cleared once your new mortgage is paid off.

What you should consider before consolidating your debt

Debt consolidation is a good solution for some mortgage customers – however, it’s not suitable for everyone. You should always review the total amount payable through consolidation, not just the immediate savings in terms of a reduced monthly payment.

Please be aware that any unsecured debts consolidated within your mortgage, would then be secured against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

How Clever Mortgages can help

At Clever Mortgages, we’ll help you find the best debt consolidation solution based on your circumstances.

Our team of experts will match you with the right lender for your situation. We’ll help you find the best option for you by sitting down together and calculating:

  • The grand total of all your debts to determine how much you need to consolidate them.
  • How much you need to pay each month for household bills, entertainment, and emergency fund.

We guarantee that your experience will be very different from the lenders who may have rejected you in the past.

We’re here to help, so get in touch now to find out how we can help you get your finances back under control!

Additional Borrowing on Mortgage

Additional Borrowing on Mortgage

One potential reason for remortgaging is to take out additional borrowing on a mortgage to consolidate debt. At Clever Mortgages, we’re experts in helping customers find the right remortgage solution, based on their individual situation, alongside the goals they wish to achieve.

In this guide we focus on a customer who wanted to take out additional borrowing on mortgage to help consolidate their debts. We’ll cover:

  • How we helped our customer with getting a mortgage product that allowed
    additional borrowing – so that he could consolidate debt, and just have one
    manageable monthly payment
  • Getting him a lower rate on his mortgage, and one that was far better than that on his secured loan, meaning what he had to pay out each month was significantly reduced
  • How we consolidated his loans with his additional borrowing on the mortgage, to make his payments more manageable

Additional borrowing on mortgage

With Clever Mortgages, we were able to help Mr P with:

  • Bringing down his mortgage rate – we found a mortgage with a trusted lender that reduced his mortgage rate
  • Consolidating his other debts within his mortgage – meaning his monthly overall repayments were £512 lower
  • Keeping his mortgage term the same – Mr P was able to achieve all this whilst keeping his mortgage term at 22 years. Meaning the £512 per month saving made no difference to the term at all

 BalancePaymentRateTerm
Previous Mortgage£95,279£5262.53%22 years
Previous Secured Loan£43,470£4728%15 Years
Previous Unsecured Loan£5,828£1643 Years
New Mortgage£147,079£6501.45%22 Years

Completed 21/03/2019

Our client came to with the aim of consolidating his mortgage with a secured loan he was paying for each month (with an 8% interest rate). At Clever Mortgages our experts always look at each case individually, with the aim of finding the best solution – and achieving each customer’s goals.

We were delighted to be able to take the hassle away from the remortgage process for Mr P: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage. We were able to find him a low fixed rate of 1.45%, making a real impact to his monthly repayments: lowering them from £1,162 to £650 – meaning his saving was an impressive £512 each month!

Additional borrowing on mortgage

With Clever Mortgages, we were able to help Mr P with:

  • Bringing down his mortgage rate – we found a mortgage with a trusted lender that reduced his mortgage rate
  • Consolidating his other debts within his mortgage – meaning his monthly overall repayments were £512 lower
  • Keeping his mortgage term the same – Mr P was able to achieve all this whilst keeping his mortgage term at 22 years. Meaning the £512 per month saving made no difference to the term at all

Previous Mortgage

Balance£95,279
Payment£526
Rate2.53%
Term22 Years

Previous Secured Loan

Balance£43,470
Payment£472
Rate8%
Term15 Years

Previous Unsecured Loan

Balance£5,828
Payment£164
Rate
Term3 Years

New Mortgage

Balance£147,079
Payment£650
Rate1.45%
Term22 Years

Completed 21/03/2019

Our client came to with the aim of consolidating his mortgage with a secured loan he was paying for each month (with an 8% interest rate). At Clever Mortgages our experts always look at each case individually, with the aim of finding the best solution – and achieving each customer’s goals.

We were delighted to be able to take the hassle away from the remortgage process for Mr P: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage. We were able to find him a low fixed rate of 1.45%, making a real impact to his monthly repayments: lowering them from £1,162 to £650 – meaning his saving was an impressive £512 each month!

We’ve helped 1000s of customers, with finding a remortgage solution that best suits them.

We help customers achieve their remortgage goals, 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 meeting your specific goals – we can discuss your individual goals for remortgaging with you, and take the hassle away from the remortgage situation.
  • 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?

  • 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 for achieving a specific mortgage goal – 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.

Follow us on facebook

Home Moving Checklist

Home-Moving Checklist

You’ve found your dream home, exchanged contracts and sorted your mortgage. Now all that’s left to do is move in. That’s the straightforward part, right? There are actually lots of things you might not have considered that you need to do – from finding where the fuse box is in your new home to letting your broadband supplier know that you’re moving.

Read our home-moving checklist so you’re all set for the big day

This article at a glance

  • Let important companies know you’re moving
  • Take note of gas and electric readings
  • Make sure all your household day-to-day needs covered
  • Sorting your car insurance and breakdown cover
  • Last minute home-moving checklist tasks

1. Let important companies know you’re moving

Even if you use the Post Office’s mail redirection service, it’s still a good idea to inform important companies, such as banks and utility companies directly.
Make a list of all the companies and other organisations you need to tell about your move, including their contact details and when you’d need to do it by.

Companies will include:

  • Phone company – mobile and landline
  • All utility companies – water, gas, electric
  • Banks
  • Council tax
  • Update your details on the electoral roll
  • Your work and any related pensions companies
  • Student loans company
  • Your child / children’s schools
  • Update your driver’s license when you’ve moved

2. Take meter readings

Take gas and electricity meter readings at the property you are leaving the day of the move, and let your old energy supplier know what these are as soon as you can.
Let your energy provider know in advance that you are moving and ask to close your account. You’ll need to do this at least 48 hours before your move takes place. Give your supplier your new address, so that they’re able to send you your final bill. If you’re on a fixed tariff which charges a termination fee if you leave it early, check if you’re able to take this deal to your new property and if they’ll let you off the fee if you can.

3. Household day-to-day needs to sort

Make sure you’ve considered:

Cable/ Satellite – you need to let them know your change of address for billing purposes and so they can update your contact information. It’s also worth checking whether your new home will need a new satellite dish or cable to be installed before you update this information.

Phone – for landlines, you’ll need to inform the phone company that you are changing address as you’ll receive a new phone number for the home that you move to. For your mobile update your address so that they can send the bill to the correct location and you can do that by contacting your provider over the phone or visiting one of their stores.

Broadband – it’ll probably make sense to cancel your broadband subscription as you’ll most likely be able to get a better deal when you move to your new home – there’s usually plenty of great deals out there
for new customers

TV Licence – be warned that your TV licence won’t be valid when you  move to a new property so you have to change this information on the TV Licensing website.

4. Sort your car insurance and breakdown cover

You’ll need to inform your car insurance provider about your change of address. Prices can go up and down when you move – depending on the area you’re moving to, and whether there are fewer or more claims from that postcode. You can usually change your information online.
Change your information for breakdown coverage on your provider’s website.
This is particularly important for providers who charge different rates based on area and for knowing where they may need to take you to in the event of a breakdown.
It might be a good time to shop around for both car insurance and breakdown cover, to see if you can get a better deal. Finance savvy customers tend to do this every so often as a matter of routine.

5. Your last minute home-moving checklist tasks

Around 2 weeks before moving you should:

Pack up your non-essential items
De-register from your doctors if you’re moving out of the area
Arrange for your post to be re-directed
Organise for someone to have your children and / or pets on moving day
Send out change of address cards / e-cards to friends and family
Arrange what time you’ll collect the keys for your new home from the estate agent
Set up any new standing orders or direct debits that you need sorting for your new place

I want to get a mortgage in place, 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 will get the ball rolling
  • One of our experts will give you a call back to find out more about your situation
    We have experts in bad credit mortgages, who focus solely on helping customers in difficult situations
  • We do all the hard work for you
    We search a comprehensive range of mortgages from across 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

Loan to Pay Off Debt

Loan to Pay Off Debt

In this guide we focus on a customer who wanted a loan to pay off debt, in order to complete a Debt Management Plan, whilst finding a lower rate too.
Here we’ll look at:

  • How we helped our customer with finding a loan to pay off debt
  • Getting a lower rate, and lower monthly payment in spite of having a higher
    mortgage value
  • Reducing the term of the mortgage, so that our client will be mortgage free sooner
  • Finding a far better rate for him, so he could afford to take out the extra loan to pay off debt

Getting a loan to pay off debt

With Clever Mortgages, we were able to help Mr E with:

  • Bringing down his mortgage rate – we found a mortgage with a trusted lender that significantly reduced his mortgage rate (from 5.74% to 2.10%)
  • Bringing down the mortgage term by 3 years – meaning he’ll be mortgage free three years sooner
  • Getting a loan to pay off debt – Mr E was able to clear his partner’s Debt
  • Management Plan, whilst still having the above advantages

 BalancePaymentRateTerm
Current Mortgage£88,841£6505.74%18 Years
New Mortgage£97,955£6342.10%15 Years

Completed 15/10/2018

Our client came to us whilst on a higher than average standard variable rate with their existing lender. Our expert searched to find a remortgage option that would raise the funds to clear Mr E’s partner’s Debt Management Plan, whilst also reducing the mortgage rate.
Due to such a large reduction in rate the plan (which had £9000 left to pay off) could be cleared, and we could reduce the term and the monthly payments too.

We were delighted to be able to take the hassle away from the remortgage process for Mr E: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage. Now both he and his partner are in a much better situation, and can start rebuilding a more positive credit file picture.
Debt consolidation is a good solution for some mortgage customers – however, it’s not suitable for everyone.

You should always review the total amount payable through consolidation, not just the immediate savings in terms of a reduced monthly payment.
Please be aware that any unsecured debts consolidated within the mortgage, would then be secured against your property.

Getting a loan to pay off debt

With Clever Mortgages, we were able to help Mr E with:

  • Bringing down his mortgage rate – we found a mortgage with a trusted lender that significantly reduced his mortgage rate (from 5.74% to 2.10%)
  • Bringing down the mortgage term by 3 years – meaning he’ll be mortgage free three years sooner
  • Getting a loan to pay off debt – Mr E was able to clear his partner’s Debt
    Management Plan, whilst still having the above advantages

Previous Mortgage

Balance£88,841
Payment£650
Rate5.74%
Term18 Years

New Mortgage

Balance£97,955
Payment£634
Rate2.10%
Term15 Years

Completed 15/10/2018

Our client came to us whilst on a higher than average standard variable rate with their existing lender. Our expert searched to find a remortgage option that would raise the funds to clear Mr E’s partner’s Debt Management Plan, whilst also reducing the mortgage rate.
Due to such a large reduction in rate the plan (which had £9000 left to pay off) could be cleared, and we could reduce the term and the monthly payments too.

We were delighted to be able to take the hassle away from the remortgage process for Mr E: He just had to tell us some details about himself and his financial situation, and discuss the goals he had for his remortgage. Now both he and his partner are in a much better situation, and can start rebuilding a more positive credit file picture.
Debt consolidation is a good solution for some mortgage customers – however, it’s not suitable for everyone.
You should always review the total amount payable through consolidation, not just the immediate savings in terms of a reduced monthly payment.
Please be aware that any unsecured debts consolidated within the mortgage, would then be secured against your property.

We’ve helped 1000s of customers, with finding a remortgage solution that best suits them.

We help customers achieve their remortgage goals, 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 meeting your specific goals – we can discuss your individual goals for remortgaging with you, and take the hassle away from the remortgage situation.
  • 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?

  • 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 for achieving a specific mortgage goal – 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.

Follow us on facebook

Paying the Mortgage After Separation

Paying the Mortgage After Separation

For some of our customers, paying the mortgage after separation is their key concern. They come to Clever Mortgages, wanting to break their financial ties with a previous partner. In this guide we’ll look at:

  • How we helped our customer with paying the mortgage after separation
  • Making sure he also realised his goal of bringing down his mortgage term – so will become mortgage free sooner
  • Why using a mortgage broker can help make remortgaging a hassle-free process

Paying the mortgage after separation:

With Clever Mortgages, we were able to help Mr H with:

  • Paying the mortgage after separation – making him financially free from his previous partner
  • Bringing down the mortgage term by 9 years – meaning he’ll be mortgage free by the time he retires
  • Consolidating his secured loan – so he only has one monthly payment to make instead of two

 BalancePaymentRateTerm
Current Mortgage£194,976£9413.99%24 Years
Current Secured Loan£26,458£2737.91%24 Years
New Mortgage£222,429£1,4201.89%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.

Paying the mortgage after separation:

With Clever Mortgages, we were able to help Mr H with:

  • Paying the mortgage after separation – making him financially free from his previous partner
  • Bringing down the mortgage term by 9 years – meaning he’ll be mortgage free by the time he retires
  • Consolidating his secured loan – so he only has one monthly payment to make instead of two

Previous Mortgage

Balance£93,360
Payment£803.00
Rate4.99%
Term13 Years

New Mortgage

Balance£93,360
Payment£678.56
Rate2.14%
Term13 Years

Completed 05/06/2019

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, with paying the mortgage after a separation.

We help customers achieve their remortgage goals, 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 meeting your specific goals – we can discuss your individual goals for remortgaging with you, and take the hassle away from the remortgage situation.
  • 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?

  • 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 for achieving a specific mortgage goal – 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.

Debt Consolidation Remortgages

Debt Consolidation Remortgages

If you’ve got a mortgage and other debts too, consolidating them into a new mortgage product can be a great way of making a significant saving every month. Here we’ll cover:

  • How we helped our customer get a debt consolidation remortgage deal
  • Even with bad credit, you could get a remortgage plan that’d save you on
    repayments each month
  • Why it’s best to go through a mortgage broker when you’ve got bad credit

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, Mr and Mrs C were able to:

  • Get a debt consolidation remortgage, even with a poor credit history
  • Secure a fixed rate of 2.10%
  • Save almost £500 each month on mortgage and debt repayments

 BalancePaymentRateTerm
Current Mortgage£61,000£4901.25%12 Years
Current Secured Loan£43,000£43610%12 Years
Unsecured debts£44,320£657VariousVarious
New Mortgage£150,00£1097.672.10%13 Years

Completed 17/06/2019

Mr H had been in an IVA, which he’d now completed, and Mrs H was currently in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.
At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £485 every month! This is making a real difference to their lives, and helping them get back on track, improving their credit score.

How we helped by finding a mortgage with bad credit:

With Clever Mortgages, Mr and Mrs C were able to:

  • Get a debt consolidation remortgage, even with a poor credit history
  • Secure a fixed rate of 2.10%
  • Save almost £500 each month on mortgage and debt repayments

Previous Mortgage

Balance£61,000
Payment£490
Rate1.25%
Term12 Years

Current Secured Loan

Balance£43,000
Payment£436
Rate10%
Term12 Years

Unsecured debts

Balance£44,320
Payment£657
RateVarious
TermVarious

New Mortgage

Balance£150,00
Payment£1097.67
Rate2.10%
Term13 Years

Completed 17/06/2019

Mr H had been in an IVA, which he’d now completed, and Mrs H was currently in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.
At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £485 every month! This is making a real difference to their lives, and helping them get back on track, improving their credit score.

If you’ve got bad credit, we still might be able to help

If you or your partner have a history of bad credit, for instance if you’ve been in an IVA or DMP (Debt Management Plan), you might be concerned that you won’t be able to get a great deal.

We help customers, even when they have bad credit, to consolidate their debts, sometimes saving them hundreds of pounds every month.

Why use Clever Mortgages?

We know the best lenders and products to look to for each individual situation. We could give you the best chance of getting a great consolidation mortgage deal. We can help, even if you:

  • Want to consolidate all of your debts, and just make one monthly repayment
  • Need to find mortgage lenders that accept CCJs (County Court Judgments)
  • Want to find the best mortgage lenders for your bad credit situation

Enquire with us about getting a mortgage to consolidate your debts, 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 debt consolidation mortgage?

  • Some mortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults and other bad credit situations
  • 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

Debt consolidation can be a good solution for some mortgage customers – however, it’s not suitable for everyone.

What next?

If you are looking for expert advice on getting a mortgage to consolidate your debts, 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.

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
Rate3.99%
Term24 Years

Current Secured Loan

Balance£26,458
Payment£273
Rate7.91%
Term24 Years

New Mortgage

Balance£222,429
Payment£1,420
Rate1.89%
Term15 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.

Bad Credit Remortgage

Bad Credit Remortgage

If you’ve got a mortgage you might be able to make huge savings each month by remortgaging, even if you’ve got bad credit

We’ve helped hundreds of customers like you find a bad credit remortgage product that makes a real difference to their monthly outgoings. Here we’ll cover:
What a remortgage is, and reasons to consider remortgaging
How we helped our customer get a remortgage deal, even with bad credit
Why it’s best to go through a mortgage broker when you’ve got bad credit
Remortgaging could be easier than you might think – what your next steps are

What is a remortgage?

A remortgage is when you take out another mortgage on your home to replace your current mortgage, or to borrow extra money against your property.

You would remortgage a property to either raise or save money:

Raise money

You can raise money by releasing equity in your home and taking out a new mortgage that is larger than your existing one. You could do this to consolidate debts, make home improvements, or fund something else in your life.

Save money

You could save money by remortgaging and switching to a cheaper mortgage provider – making your monthly payments smaller each month. You will need to check the terms of your contract though to make sure you aren’t charged any early exit fees.

As your mortgage is likely to be your largest debt, it makes sense that improving on it can also give you the largest saving – a saving that can add up to thousands of pounds each year.

Exactly how much you could save will depend on several factors, including:

  • How much equity you have in your property
  • What your current deal is like
  • Whether there is a fee for ending your current mortgage deal
  • Whether your home’s value has increased
  • How much your remortgage costs

How we helped one customer by finding a bad credit remortgage:

With Clever Mortgages, Mr and Mrs C were able to:
Get a debt consolidation remortgage, even with a poor credit history Secure a fixed rate of 2.10% Save almost £500 each month on mortgage and debt repayments

 BalancePaymentRateProductTerm
Current Mortgage£61,000£4901.25%Lifetime tracker12 Years
Current Secured Loan£43,000£43610%Standard Variable Rate12 Years
Unsecured debts£44,320£657VariousVariousVarious
New Mortgage£150,000£1097.672.10%5 Year Fixed13 Years

Mr C had been in an IVA, which he’d now completed, and Mrs C was currently in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.

At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £485 every month! This is making a real difference to their lives, and helping them get back on track, improving their credit score.

What do I need to know about getting a bad credit remortgage?

Remortgaging can help you to save money every month, and can also be a good way to get a lump sum of money, instead of taking out a personal loan.

As a mortgage is such a large financial commitment, it’s important to give it plenty of consideration – but don’t panic either, our team help customers every day to decide what to do next when it comes to mortgages and their situations. We can help you:

  • Understand different mortgage options, including fixed and variable mortgages
  • Understand also how equity releasing from your property can work
  • Consider any risks, such as whether you can manage the monthly repayments
  • Find out your potential best options for if you did go ahead and remortgage

Next steps for a bad credit remortgage

If you want some expert advice on remortgaging, and what it could mean for you – get in touch with our team today. You can call us on 0800 197 0504, or enquire online.

You can also find lots of advice on all things mortgages, in our Guides and Advice section.

What are the benefits of remortgaging?

A remortgage is when you take out another mortgage on your home to  replace your current mortgage– and we can help you with this, taking all the hassle away from the remortgaging process.

It’s sometimes possible to secure a lower rate, giving you the opportunity to consolidate your debts, whilst saving yourself money every month. Debt consolidation can be a good solution for some mortgage customers – however, it’s not suitable for everyone.

You should always review the total amount payable through consolidation,  not just the immediate savings in terms of a reduced monthly payment. Please be aware that any unsecured debts consolidated within the mortgage, would then be secured against your property.

We’ve helped 1000s of customers to remortgage – and bring their monthly payments down.

Want to remortgage with bad credit?

Worried about bad credit? We work with customers every day who have bad credit but want to remortgage – and we always do what we can to help.

Remortgaging could be easier than you might think – especially when you choose a broker who knows how to get you with the right lender to save you money.

Enquire with us about a remortgage with us, and we could:

A debt consolidation mortgage can help you save money every month – we recently helped Mr C who was nearing the end of his fixed rate deal, to consolidate his secured loan and mortgage into one monthly repayment reduce the mortgage term and save money.

Help get you back on track – being able to consolidate Mr C’s secured loan with a mortgage product meant only having to plan for one monthly payment instead of two, making the overall debt much easier to stay on top of.

Reduce the term of your mortgage – we can often help customers cut years off their mortgage – helping them to become mortgage free far sooner than they thought.

Why should I use a mortgage broker?

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

Some mortgages especially for people with bad credit are only available if you go through a mortgage broker

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 remortgaging your property, contact our team today. We will be happy to help advise you on what you on your options.

We are experts in offering solutions to people with bad credit and can help you if you need a helping hand with your next move.

Get a call from a mortgage advisor at a time to suit you,

Can I Get A Mortgage With Bad Credit?

Can I Get A Mortgage With Bad Credit?

If you’re worried about getting a mortgage with bad credit, rest assured we help customers
every day just like you. Here we’ll cover:

  • How we helped a customer who’d had an IVA to get a mortgage and get on the property ladder
  • How we could help, by knowing which mortgage lenders accept bad credit applications
  • Why it’s best to go through a mortgage broker when you’ve got bad credit

Can you get a mortgage with bad credit? We help customers do just that.
With Clever Mortgages, Mr D was able to:

  • Get a mortgage, even with a poor credit history
  • Secure a fixed rate of 2.99%
  • Find a 95% mortgage

 BalancePaymentRateTerm
New Mortgage113,050584.912.9922 Years

Completed 09/07/2019

Our client had been in an IVA, which started in January 2011 and was cleared in January 2017. Since the IVA, he’d managed to save money for a deposit towards a house purchase.
In the meantime he was renting, and paying £425 a month to his landlord.

A bad credit mortgage, with just a 5% deposit

We were delighted to be able to help him take that important step onto the property ladder, and get back on track. His deposit was only small, but we found a great deal on a 95% mortgage, at a very competitive rate for this level of 2.99%. This is a fixed rate for 2 years, after which we’ll be able to look at even better deals once he’s had that period to build some equity in the property.

Why should I use a mortgage broker?

  • Some mortgages 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

Getting on the property ladder might be possible, even with bad credit

If you’re wanting to know if you can get a mortgage with bad credit and if you’re currently in rented accommodation, you might be feeling keen to get on the property ladder, and start paying off your own mortgage every month, instead of someone else’s. But you might be worried that lenders won’t consider lending to you.

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

When you apply for a mortgage, the lender will assess your application according to their criteria. Lenders all have their own guidelines, so there are often things that’d cause your application to be declined by one, but not by another. We help customers with bad credit every day, and we know the best lenders and products to look to for each individual situation.

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

  • Try to find 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. We take great pride in helping customers when we can, to get a mortgage and get back on track financially.
  • 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.

What next?

If you are looking for expert advice on getting a mortgage with bad credit, contact our team today. We will be happy to help advise you on what you can do to give you a good chance at taking that important step onto the property ladder.
We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.