Finding You The Best Remortgage Deal With Bad Credit
Maybe you started on the property ladder with a clean credit history, but something happened and your credit score has suffered. Don't panic; we're all human and things happen. The good thing is bad credit doesn't mean your plans aren't possible. We've helped customers with various severities of adverse credit apply for a remortgage and achieve approval. Whether you're struggling to navigate the process or have already been declined, our friendly mortgage advisors are here to show you the way forward.
Can I remortgage if I have bad credit?
YES! Bad credit remortgages can be a bit more complicated, but that doesn’t mean they’re not possible. While most lenders require borrowers to have a good credit rating, there are still specialist bad credit remortgage lenders out there who may be able to help you.
As you already have a mortgage, lenders will want to see that you have been making your mortgage repayments on time, and doing so will have a positive effect on your application. If you've made late payments, this can make remortgage more difficult, but some lenders may allow you to remortgage despite your credit problems.
Our team of bad credit mortgage brokers can help you find a bespoke deal that will enable you to invest in property, pay back debts, switch to a better rate, or whatever else it is that you want to do.
Whether you’ve got multiple incidents of bad credit, have previously defaulted on payments, or have large unsecured debts to deal with, using a mortgage advisor from When the Bank Says No can help you determine the best course of action. Get in touch today!
Will I face higher interest rates if I remortgage with bad credit?
Unfortunately, yes, bad credit remortgage rates are less favourable to those looking to borrow. It’s quite likely you will face higher rates of interest when you remortgage if you have an adverse credit history. Don’t worry though; bad credit doesn’t mean double or triple your current rate – it all depends on your circumstances and the nature of your bad credit.
The interest rates available to you will be based on the perceived level of risk you pose to the lender. If you have adverse credit and low equity in your property, this will affect the remortgage deals available to you.
Our team of highly qualified advisors will help you find a sympathetic mortgage lender and the best bad credit remortgage deal for your circumstances. Just because you have bad credit, it doesn’t mean a competitive mortgage product isn’t within your reach. We know life happens – but it doesn’t have to get in the way of your remortgaging plans.
How do I apply for a remortgage with bad credit?
Bad credit? No problem. If you know remortgaging is for you and want to get started, fill out an initial enquiry form and speak with a specialist mortgage broker from When the Bank Says No.
Our specialist poor credit mortgage advisors will complete a mortgage fact find and provide you with market insights and information about what you can borrow and what it will cost. Once we’ve reviewed your credit file and talked through your situation, we’ll liaise with lenders and find the right deal for you.
Can I pay off debts using the funds from a bad credit remortgage?
It is possible to remortgage your home to pay off debts, this is called a Debt Consolidation Mortgage. The rate of interest you receive through remortgage is often lower than what you would get on a personal loan or a credit card, so it can be an attractive option. However, a mortgage is typically taken out over a longer term than unsecured debts, so more interest may ultimately be payable.
To go through all the options available in your situation, talk to our friendly team! We’ll take the time to listen and understand your credit history without judgment before providing bespoke recommendations for a remortgage with bad credit.
Remortgaging with Bad Credit FAQs.
Remortgaging With Adverse Credit Calculator
Professional support for bad credit remortgages.
When the Bank Says No is a team of remortgaging experts, helping people all over the UK achieve their property plans despite their poor credit rating. Whatever the complexity and severity of your situation, our mortgage broker advisors will listen to your story without judgment and determine the best next steps for you.
We'll search the whole of the market and help you access specialist lenders to find the right lender and get the best bad credit remortgage deal available within your circumstances. Don't let a no from a bank or a mark on your credit report scare you off – your remortgage deal is out there waiting!
We'll make it happen.
No one wants to have a bad credit history hanging over them, and you may be upset if you discover a new mark on your credit report. Or perhaps you had historically poor credit previously but now want to remortgage to access better mortgage terms.
Whatever the case may be, bad credit remortgages are achievable. You can trust our specialist mortgage brokers to guide you through the remortgage with a bad credit process and make sure we locate the most suitable deal for you. We're passionate about helping our customers achieve approval from remortgage lenders despite their circumstances and previous poor credit ratings. Don't let your bad credit score and reluctant high-street lenders define your plans!