As long as you have a good mortgage repayment history then it could be possible to remortgage with bad credit. The longer ago your credit issues were the better but some lenders ignore minor blips such as disputes with mobile phone providers.Apply Now
As with any remortgage, the interest rate payable will depend on your credit score and also how much equity you have in your home. You can also look to capital raise when you look at remortgaging.Apply Now
Can you remortgage if you have bad credit?
Though it operates on a case-by-case basis, yes it should still be possible for you to remortgage with bad credit. However, if you have had financial difficulty after taking out your original mortgage, it may be beneficial to stay with your current lender. A mortgage broker will be able to help you run through the best options.
What should I do if I can’t remortgage?
You may find that you have exhausted your remortgage options and have found yourself unable to remortgage at this current time. Whilst you cannot get a remortgage now, there may be some steps you can take to improve your credit rating, and open up your remortgage options in the future.
Do you get credit checked when remortgaging?
Yes, any new lender will want to assess your application using your current credit rating. Some lenders run “soft” credit searches at Agreement in Principle stage and these do not negatively impact your score.
How can I take equity out of my home if I have bad credit?
You can ask your current lender for a further advance and if that is not possible then you can remortgage to a different lender. If that in turn is not possible then a final option could be to leave your current mortgage in place and take out a second charge mortgage (secured loan) with another provider, however higher interest rates apply to these products.
How long does bad credit last?
Defaults and CCJ’s stay on your credit file for 6 years but if you feel these have been registered incorrectly then you should approach the provider to see if they can remove them from your credit file. If the adverse credit was registered against you very recently then taking out a new mortgage will be very difficult.
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