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Remortgage with Bad Credit

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Remortgage with bad credit.

Firstly, don’t panic! Getting a remortgage with bad credit is more common than you think. We work with many mortgage lenders, on and off the high-street, that have lending criteria aimed towards helping clients with bad credit remortgage.

Our expert mortgage brokers have helped thousands of people with a poor credit score remortgage their homes for various reasons. These reasons include, to get a new fixed rate deal, raise capital, to repay debts, and to fund home or garden improvements.

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How to remortgage with bad credit?

Often, clients have tried something else before they contact us. Be careful here, as having lots of different mortgage searches on your score could lower it more!

With our vast knowledge of lending criteria, we aim to get your remortgage with the right lender for you first time.

Click below to book a free, no-obligation remortgage advice consultation. It’ll take about 25 minutes and we’ll let you know all the options available to you.

If you haven’t got an up-to-date copy of your credit file, click here as this is a great one to use as it searches all 4 of the credit reference agencies and it’s a free trial.

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Types of bad credit remortgage

We’ll need to look at your individual situation and find the best remortgage for you, don’t worry as it is likely that we’ll be able to help with most types of bad credit.

Examples of bad credit include a remortgage with a CCJ (county court judgement), a DMP (debt management plan), a default, missed or late payments, an IVA (individual voluntary agreement) or even a bankruptcy.

Speak with one of our mortgage brokers today to find out your remortgage with bad credit options.

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Learn More About Remortgages with Bad Credit

Remortgage with Bad Credit FAQs

What is a remortgage with bad credit?

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It is a new mortgage for a homeowner client that, for one reason or another, has a low credit score. The reasons for the remortgage can include to get a new fixed rate deal, to raise money for debt consolidation or home improvements, or to remove a name from a mortgage.

A low credit score can include clients with no previous credit commitments, a CCJ, a default, missed payments, an IVA or something else.

What is the minimum credit score for a remortgage?

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With a remortgage application, it’s more about ‘what and when’ rather than around the actual score. All mortgage lenders have different criteria as to when they accept clients with bad credit. This lending criteria will be based on when the bad credit occurred, what it was, why it happened, and how much it was for.

A good place to start is to obtain a copy of your credit report and your mortgage broker can review this with you and find out more about your situation. The 4 main credit reference agencies will all calculate your score differently so it’s hard to say what a good score is compared with a bad one.

However, if you use this link to request a free trial, this will search all 4 credit reference agencies and let you know your score. The password to open the report will be your date of birth in a 6-digit format.

Can I get a buy to let remortgage with bad credit?

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Yes, you’ll have options. Mortgage lenders more work from what has been registered against you, how much it was for and when it was rather than your score.

With a buy to let remortgage with bad credit, you’ll also have the option to fix your deal and to capital raise if you have enough equity.

We have a specialist buy to let mortgage broker team here who have in-depth knowledge of lending criteria. Without an experienced broker by your side, you could run into lots of problems along the way.

Can I remortgage with bad credit?

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Yes, you’ll most likely have options. We work with the main high street lenders along with specialist ones that all have different lending criteria. We’ll need to have a look through an up-to-date copy of your credit report to be able to run through your options.

Some clients choose to remortgage for debt consolidation, this is where you increase your mortgage amount and use the extra to repay any credit cards and personal loans. This is a specialist type of application therefore speaking to an experienced mortgage broker is always important.

Be careful, as lenders do not like recent missed mortgage payments. If you haven’t paid your mortgage on time over the last 12 months, this can prevent you from getting a new mortgage agreed altogether.

How does bad credit affect my ability to remortgage?

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If you’ve ever lent money to a friend before, and that friend has paid you back every penny plus interest at the agreed time, you’re more than likely ok lending money to them again if they asked. The same concept applies in the mortgage world.

All mortgage lenders and financial service providers share data via credit reference agencies. Having all this information at hand allows them to make quick and accurate lending decisions.

Having bad credit on recorded on your credit file can impact on which mortgage lender that you can use. Don’t worry though, as we have plenty of mortgage lenders available that can help clients with a low credit score. Having a great mortgage team by your side will prove invaluable.

What are the advantages of remortgaging with bad credit?

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These will depend on your individual situation; however, peace of mind and a lower monthly payment are the main ones for a remortgage with bad credit client.

Peace of mind is from getting a new fixed rate deal, protecting you from any future interest rate increases. Allowing you to know exactly how much your monthly mortgage payment will be for the next 2, 3 or 5-years.

A lower monthly payment can be a result of a debt consolidation remortgage. Note, specialist mortgage advice is required here as you could end up paying more interest in the long term by securing credit cards and personal loans against your home.

What are the disadvantages of remortgaging with bad credit?

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These will be client specific, however, the main ones are the challenges of getting a deal, a higher rate of interest and the potential of paying more interest back over the term of the mortgage.

Without an experienced mortgage advisor on your side, getting a remortgage with bad credit can prove difficult. You’ll find there are more hurdles to overcome along the way.

If you have poor credit, you could end up paying a slightly higher rate of interest. This will depend on whether you meet the criteria of a high-street lender and if we must look at specialist lender options. At the end of the new fixed rate, providing that your credit score has improved, we can then look at a remortgage with a high-street lender for normal rates.

If you are considering a debt consolidation remortgage to repay credit/store cards and personal loans you could end up paying more interest in the long term by securing credit cards and personal loans against your home. This puts your home at risk of repossession. This is an important consideration, and your mortgage advisor will run all the risks involved in more detail.

Can you remortgage with bad credit to repay a help to buy loan?

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Yes, you’ll have options. If you are considering a help to buy remortgage it’s always best to speak to a mortgage broker, like us, to know your options.

A help to buy mortgage is when you increase your lending on your property in order to repay the 20% (or 40% in London) equity loan back. The outstanding balance of the loan is linked to your house.

You’ll have options such as paying the full amount back to Homes England, paying part back and then considering various mortgage deals that are available to you.

What documentation is needed for a bad credit remortgage application?

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For a free consultation to find out your remortgage with bad credit options, no documents are needed. However, when you are ready to progress to a full mortgage application, documents such as 3 months bank statements, 3 months proof of earnings, ID, details of any existing mortgages, credit cards or loans are required along with an up-to-date credit report.

Your new mortgage lender might also request ad-hoc documents along the way as and when required. Our mortgage case handlers will also perform a pre-application check on your documents to work out what the lender might request, we aim to be right first time. Hopefully, speeding up the remortgage process for most of our clients quite significantly.

How long does it take to get approved for a bad credit remortgage?

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Whilst this will vary for every client, with a good mortgage broker on your side, it’ll take roughly 2 to 4 weeks to receive a mortgage offer for a bad credit remortgage. Specialist lenders can be more tedious with their paperwork and have slower turnaround times.

A lot of time will be down to the mortgage lender processing your application; however, you can help to keep this time down by being organised with your documents and getting back to us asap with any further information requests.

Can I remortgage if I have bad credit and I’m aged 50+?

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Yes, there are more options in this space than there has ever been. Mortgage lenders have been very innovative here and there are not lots of products available to help our older clients looking to remortgage or capital raise.

Whether you have bad credit, a low score, receive a low income, benefits or pension income we’ll have options available to you including regular mortgages, retirement interest only mortgages and lifetime/equity release mortgages. You can read more about mortgages for the over 50’s options here.

With the lifetime and equity release mortgage lenders, your credit score is not such a problem as with a regular mortgage because they have the equity in your property as security.

Can I consolidate debts with a bad credit remortgage?

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Yes, possibly. Your income, outgoings, age, credit score, employment type, and personal situation will be considered when applying for a remortgage for debt consolidation with bad credit.

Outstanding debt balances, terms and interest rates of any credit cards, store cards and personal loans can be considered when doing a debt consolidation remortgage with bad credit.

Debt consolidation is a very specialist form of mortgage lending, and you should only do this with a trusted mortgage broker on your side, like us. Mistakes can be costly and could result in you losing your home. Also, the total amount of interest you pay back over the term of the mortgage could be much higher.

Are there mortgage lenders that specialise in bad credit remortgages?

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Yes, lots! We work with both the high street and specialist mortgage lenders with criteria aimed at helping customers remortgage with bad credit. Working with a trusted mortgage broker like us, you can be confident that you’ll have experience and knowledge on your side.

We have in-depth knowledge of lending criteria and years of experience within our team of helping clients with bad credit remortgages.

Depending on what is registered against you, how much it was for, and, when it was, will depend on which mortgage lender we recommend. Some of the more specialist lenders will charge a slightly higher interest rate, however, when your score picks up in the future you might fit with high-street lenders.

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Types of Remortgage with Bad Credit

Can I Remortgage with a CCJ (County Court Judgement)?

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Yes, whether your CCJ is satisfied or unsatisfied, you’ll most likely have remortgage options. Your remortgage options will depend on several things, including when the CCJ was registered, how much it was for and why it occurred.

Getting a mortgage with a ccj is our most popular bad credit enquiry type. If your CCJ is now classed as satisfied, you’ll stand more of a chance at being able to remortgage. If you have multiple CCJ’s, your mortgage broker will go through the dates and details with you to try to help.

The larger the CCJ amount, the harder it will be to be approved for a remortgage. Often, if you have a small CCJ of less than £100 for example with a mobile phone company, some lenders will not take these into account. Maybe there was a dispute about signal quality, or your bill went to an old address etc, things like this can happen to anybody!

As with any remortgage with bad credit, the more equity that you have in your property the better your chances are of being accepted by a new lender. Having a great mortgage broker on your side to help you over the various hurdles will prove invaluable.

Can I Remortgage with a Default?

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Yes, you can remortgage with a default, although it will be harder than if you didn’t! Your default will classed as satisfied when you have repaid the full amount you owe.

Defaults usually get registered after missing around 3-4 payments in a row and will stay showing on your credit report for 6 years after they are registered. Companies such as mobile phone providers, utilities companies and credit cards/loan providers can register a default against you if you owe them money.

Very similar to a CCJ, your new mortgage lender will consider the size of the default, when it happened, why it happened and which company it was with. It’s always best to have a full credit report with the exact dates etc to work with accurate information from the get-go.

The good news is that we work with all the main high-street lenders and alongside specialist lenders and know their criteria well. We’ll aim to get you with the right mortgage company first time around. A lot of time can be wasted with your remortgage with bad credit without the experience and knowledge on your side.

Can I Remortgage with a DMP (Debt Management Plan)?

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Yes, a remortgage is possible with a debt management plan. It’s harder to qualify for a remortgage with a debt management plan, however, likely possible. Whether you are looking to remortgage for a new fixed rate deal, capital raise for home/garden improvements, consolidate debts, or something else.

The good news is that there are specialist mortgage lenders available to us to allow us to look at each individual situation. As you’ll expect, you’ll most likely be paying a slightly higher interest rate than a client without a debt management plan.

A big no, no for mortgage lenders is when a client has recently missed mortgage payments. You’ll really struggle to qualify for a new mortgage if this is the case. As experienced mortgage brokers, we’ll review your credit file and let you know your options as part of our free, no-obligation remortgage with bad credit consultation.

Can I Remortgage after an IVA (Individual Voluntary Agreement)?

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Just as you might qualify for a new purchase after an IVA, you’ll have remortgage options also. What is possible for you will depend mainly on how long ago your debts were discharged, your recent account conduct, and the amount of equity that you currently have in your property.

The options available to you will depend on if you’ve met the terms and conditions of your current mortgage deal and that your credit score has improved, we might be able to remortgage you with a high street lender. Saving you from paying a higher interest rate than necessary.

It’s worth looking at these options with your mortgage broker to see what’s possible here.

Can I Remortgage with Missed Payments?

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Yes, possibly. It’ll depend on what type of payments you’ve missed. Due to missed payments being common, mortgage lenders tend to be very lenient with things like mobile phone companies, especially if the missed payments are for small amounts.

Often, there is a good reason for missed payments with other products and services such as utilities, credit cards etc. Examples include a joint name utility bill where one partner was unaware of the situation or moved to a new address and our client didn’t realise that there was an outstanding bill.

Depending on what your credit file is showing you’ll most likely have mortgage options. Your new mortgage lender will want to know what payments have been missed, how long ago were they, why it occurred along with is the account settled now.

A big no, no for mortgage lenders is when a client has recently missed mortgage payments. You’ll really struggle to qualify for a new mortgage if this is the case. As experienced mortgage brokers, we’ll review your credit file and let you know your options as part of our free, no-obligation remortgage with bad credit consultation.

The good news is that we work with all the main high-street lenders and alongside specialist lenders and know their criteria well. We’ll aim to get you with the right mortgage company first time around. A lot of time can be wasted with your remortgage with bad credit without the experience and knowledge on your side.

Can I Remortgage after being Bankrupt?

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If you’ve already managed to get back on the property ladder and qualified for a mortgage already after bankruptcy, yes, you’re likely to have remortgage options after being bankrupt.

Depending on if you’ve met the terms and conditions of your current mortgage deal and that your credit score has improved, we might be able to remortgage you with a high street lender. Saving you from paying a higher interest rate than necessary.

It’s worth looking at these options with your mortgage broker to see what’s possible here.

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