Unsure whether you can remortgage with bad credit?
Credit history is an important consideration for lenders when they determine your affordability, and we understand why you might be feeling a little nervous if your mortgage term ends soon.
It’s important not to worry!
By tailoring our approach, we can help you to search the whole market to find the most suitable deal for your circumstances.
Can I remortgage with bad credit?
First, let’s answer one of the most important questions; can you remortgage with bad credit?
While processes vary between lenders depending how poor your credit score is,many will work with you to find a remortgage deal that works.
However, it’s important to note you may have fewer, less favourable options to explore if you have bad credit because lenders are more likely to classify you as a higher risk.
The answer to ‘can I remortgage with bad credit history?’ will also vary depending on which credit issues you’ve experienced.
More serious problems like bankruptcy, County Court Judgements (CCJs), and Individual Voluntary Arrangements (IVAs), can limit your ability to remortgage or get a remortgage deal.
In some cases, your remortgage application will be rejected if you have significant credit issues and don’t meet the lender’s criteria.
That’s where our team of experienced mortgage advisors can help, ensuring you have access to the most suitable remortgage deals.
Disclaimer
Please note, you may have to pay an early repayment charge (ERC) to your existing lender if you remortgage.
Your home may also be repossessed if you don’t keep up your mortgage repayments.
How to remortgage with bad credit
Remortgaging with bad credit can be a more complex process than a straightforward remortgage which is why it’s important to seek professional support.
As informed mortgage advisers, we can help by providing access to exclusive deals, and recommend lenders and arrangements that take into account your poor credit.
Our team can also explain complex terms, and help you to weigh up the pros and cons of each offer in relation to your financial situation.
Bearing in mind the interest rate, Early Repayment Charges (ERCs), exit fees, and valuation fees, you can then choose the most suitable remortgage deal for you.
Simply complete an Agreement in Principle (AIP) and then apply for the remortgage deal by providing all of the necessary personal and financial information the lender requires.
A solicitor will then take over once a lender has carried out their full credit and affordability checks to officially transfer your mortgage to the new deal.
Contact UKMC for expert remortgaging advice
Feeling frustrated with your poor credit score?
If you’re worried about how your bad credit might impact your remortgage application, get in touch with us today.
We know that bad credit can make your remortgage options feel daunting, but it doesn’t have to be that way.
Our mortgage advisors take the time to understand your financial circumstances and application, ensuring we present you with only the most suitable mortgage deals.
If you have a query related to ‘can I get a remortgage with bad credit?’ or need help understanding and accessing bad credit remortgage deals, why not arrange your free UKMC appointment today?
We’d love to hear from you! Simply call us on 09125 573328 to get the ball rolling or reach out by sending your enquiry to hello@ukmc.co.uk.
You can also contact our friendly team by filling out our convenient online form or even dropping by our Warrington office.
Disclaimer
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
