Let’s be honest, life happens. Whether your financial situation has changed since you first took out your mortgage, or you’re still working hard to get things back on track, don’t assume that a less than perfect credit score puts your remortgaging plans on hold.
At Clever Mortgages, we believe your credit history is just one part of your story, not the whole picture.
Why Remortgage?
There are lots of great reasons to remortgage. Maybe your current deal is coming to an end and you want to avoid moving onto your lender’s standard variable rate. Or perhaps you’re planning some much-needed home improvements, consolidating debts, or simply want to raise extra funds for a big life event.
Remortgaging can also be a smart way to take control of your finances, giving you the flexibility to change your term, reduce your payments, or release equity from your home. And yes, all of this can still be possible even if your credit score isn’t perfect.
But What If My Credit Score Isn’t Great?
Here’s the good news: specialist lenders exist for a reason, and many of them are happy to consider applications from borrowers with adverse credit, including CCJs, defaults, or historic missed payments.
While some high street banks may say no, that doesn’t mean your options are limited.
With the right guidance and preparation, we can often find you a lender that understands real-life challenges and is willing to look beyond the credit report.
What Do Lenders Look At?
Lenders will consider a range of factors, including:
- Whether you’ve been keeping up with your current mortgage payments
- Your current income and outgoings
- Any efforts you’ve made to rebuild your credit
- Your overall affordability for the new loan
So if you’ve got a steady income, are managing your existing commitments well, and you’re clear on what you need to achieve there’s every reason to explore your options.
Are There Alternatives to Remortgaging?
Absolutely. If you’re tied into your current deal and facing high Early Repayment Charges (ERCs), remortgaging might not be the most cost-effective route right now.
In that case, a second charge mortgage (also known as a secured loan) could be an alternative way to raise funds. This allows you to borrow against the equity in your home without changing your existing mortgage. It can be especially useful if you’ve locked in a great rate and don’t want to disturb it just yet.
At Clever Mortgages, we’ll always look at the full picture and compare the cost of paying an ERC against the fees and interest rates involved in a second charge. That way, you can make a fully informed decision that works for both your immediate needs and your long-term goals.
How We Can Help
Our expert brokers at Clever Mortgages are here to take the stress out of the process. We work with a wide panel of lenders including those who specialise in helping clients with poor or limited credit history.
Whether you’re raising funds, consolidating debts, or just want a better deal, we’ll guide you through the process with clear, straightforward advice. No jargon. No judgement. Just a friendly, knowledgeable team who are genuinely here to help.
We’ll look after everything from reviewing your credit report and liaising with lenders, to making sure the new mortgage (or second charge) fits your long-term goals.
Don’t Let a Credit Score Hold You Back
Raising funds through a remortgage or second charge mortgage could help you take control of your finances, improve your home, or simply bring a bit more breathing room into your monthly budget. And if your credit isn’t perfect, don’t worry that’s exactly the kind of situation we’re used to helping with.
Let’s have a chat. No pressure, no obligations just expert advice, tailored to you.
