Remortgage with bad credit
Even if you have been declined, after a CCJ, default, missed payment, DMP or IVA
See if you qualify...
before you apply
Did you know we could secure a remortgage/ product transfer 6 months before your existing fixed rate ends
How Clever Mortgages could help
At Clever Mortgages we have access to over 1000 Products across a range of over 100 Lenders, some of which are not available to the general public. We could help you:
- Even with a registered CCJ, Default, Missed Payment, DMP, IVA
- Many lenders will still loan to people with bad / poor credit
- Been declined a mortgage
Can I get remortgage with bad credit or poor credit?
In short yes you can, remortgages with bad credit can be harder to place and typically the rates may be higher than some high street products but this will all depend on your credit history and the age of the debt. It’s advisable to speak to a mortgage broker if you have or had bad credit.
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.
How does remortgaging work?
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.
Can I raise additional money if I remortgage?
Yes, when you remortgage you can borrow additional funds for things such as home improvements or to consolidate debts. The amount of additional borrowing will however be dependent on the equity within your property, your affordability and your credit score.
I have a good credit record, but my partner’s is very poor. Could we still remortgage?
Yes, it’s possible to remortgage but you may need to look at a more specialist lender dependent on your partners credit history. Depending on whether you are looking to borrow additional funds a broker will look to see whether it would be better to seek a new rate with your existing lender.
My house value has increased will this help when it comes to Remortgaging?
If the value of your property has increased this should give you a lower Loan to Value (LTV), as you have more equity, which could give you more favourable rates if you move to a new lender.
Do lenders take all credit history into account?
Yes, normally they look back over the last 6 years of your credit history, but they could go back further if you’ve ever been bankrupt for example.
Lenders could also take all your spending and repayment habits into account. This includes loans you may have, utility payments and even mobile phone accounts.
How much does it cost to Remortgage?
This will vary from lender to lender, some lenders may offer some products with free legals and arrangement fees that can be added to the loan. A mortgage broker will be able to run through all the costs with you including any potential broker fee.
Does a bad credit Remortgage cost me more?
epending on the severity of the credit issue a specialist lender may be required, the rate with these lenders may be higher than what you would pay with a high street lender.
I am in an IVA, can I remortgage?
This will be dependent on how long ago your IVA was registered and what LTV you are looking for. A specialist lender will be required.
I’m currently in a DMP, can I remortgage?
Yes, you can remortgage whilst in a Debt Management Plan, the new lender, which is more likely to be a specialist lender would follow the same process as if you were applying for the first time. You will still have to pass affordability checks and they may ask to see proof that you have satisfactorily maintained your plan for the last 12 months. The level of borrowings and rate will be dependent on your LTV and affordability.
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 should I do next?
- Enquire online with us today
- One of our experts will call for a chat to find out more about what you’re looking for
- We do all the hard work for you – we’ll find the right deal for you
- Our expert will keep you informed of progress, all the way to completion
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