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Over 8.38m people have had bad credit in the last 3 years. Please do not worry. Our team are on hand to quickly search the market, access all lenders from high street to specialist and will ensure you get the best rate possible for your remortgage. The following are all fine:
- Missed or late payments on ANY credit agreement
- Defaults
- Debt Management Plans (DMP)
- Discharged Bankruptcy
- CCJ’s
- Individual Voluntary Arrangements (IVA)
Poor Credit Score? Don’t Worry – there are cost-effective options!
There are many terms that label those with missed payments, poor credit file scores, CCJ’s on their record or any other number of things, all the way through to defaults on store cards. Whilst it is perhaps easy for us to say do not worry, please know, that you are not alone. There are 15 million people in the United Kingdom, that have “bad credit”, 7 million of those, are from within the last 3 years!
Fiona helped us immensely from the get go in securing a mortgage with bad credit and was very quick and thorough.
It is a difficult time, but there are solutions!
The Mortgage Broker work with many customers that require a remortgage, and have helped hundreds, if not thousands, successfully reduce their outgoings, or debt consolidate – through the use of a remortgage. Please get in touch with our team to have an open conversation with someone who understands, doesn’t judge and will simply work tirelessly to find you the right outcome for your needs.
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Can I Get a Mortgage with Poor Credit Rating
A mortgage broker finds the best possible rate for your exact circumstances.
With the right advice and guidance you may find that remortgage options are available to you in spite of your bad credit score, allowing you to remortgage with repayments you can manage, better rates and the opportunity for debt consolidation.
What Is a Bad Credit Remortgage?
A bad credit remortgage is specifically aimed at customers who require re mortgages or wish to change their current mortgage terms, but unfortunately have bad credit.
If you have a poor credit score due to missed payments, defaults on loans, CCJs (County Court Judgments) an IVA (Individual Voluntary Arrangement), bankruptcy or other financial marks against you, then high street banks may refuse you a mortgage (or remortgage) leaving you wondering where to turn for help.
This is where a bad credit remortgage can come in.
Specialist bad credit remortgage lenders will assess your circumstances differently to typical high street banks and will look to find a way to help you – provided you can meet certain important criteria.
Bad Credit Mortgage Lenders
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Request a call backCan You Remortgage if You Have Bad Credit?
Yes, the good news is that even with poor credit you may still be able to obtain a remortgage deal that suits you. Although a bad credit score presents a definite challenge, there do exist bad credit remortgage lenders who will be more understanding of your situation and will be willing to offer you a remortgage. However, you will need to meet their eligibility criteria and provide appropriate documentation. Here is what they may require:
- Proof of income
Showing that you have a regular income and that you can meet the repayments is an important first step in securing a bad credit remortgage. Providing the lender with payslips and bank statements can help reassure them that you are financially able to meet your financial obligations.
- A good LTV (loan-to-value ratio)
If the value of your property is higher than the outstanding balance on your current mortgage, the lender will view this favourably and this may help you to secure better terms on your remortgage.
- A higher deposit amount
Bad credit remortgage lenders will often require a larger deposit. This allows the lender to reduce their financial risk, so if you can save up and provide the lender with a larger deposit, this will definitely help with your application.
What Kinds of Bad Credit Affect a Remortgage Application?
There are several things that can cause a bad credit score, such as:
If you default on a credit card or bank loan this will show on your credit file and cause your credit score to be negatively affected.
County Court Judgments are a result of legal action against you for an unpaid debt and represent a serious negative mark on your credit file
An Individual Voluntary Arrangement is a formal agreement with a creditor to repay a debt and this will affect your credit score.
A Debt Management Plan is a more informal arrangement to repay a debt over time. Although not a legally binding agreement, it may affect your ability to obtain more credit.
Becoming bankrupt is a way to clear some or all of your debts but although it may offer financial relief it is not without consequences and it will show on your credit file making it difficult to get credit or a mortgage.
Don’t worry, this can sometimes happen!
We have helped many customers overcome a declined mortgage application. On occasion, it may actually be in your best interests to try a lender with a lower rate, even though a risk of being declined. Whatever the reason, we will advise you all the way through, and maintain our support until you get the result you need and we will always have your credit score and finances protected.
Nothing. All our initial advice and access to rates, is free. No matter how many times we speak.
We do charge a fee at The Mortgage Broker, if we go ahead and get your mortgage done for you after that. We do not shy away from our fee structure as we are specialists in what we do and we will save you money. We are already below average in our price, but we spend a lot of time on your case and circumstances, and we know the market inside out, which takes a lot of time and research.
Our service leaves no stone unturned, you get advice from start to finish and you will get a more cost-effective outcome. You also get access to 24/7 Mortgage monitoring, protection specialists and general insurance specialists, which are compulsory products by Mortgage Lenders.
No, is the simple answer. And you may lose out on a better rate that you can’t access yourself.
A broker fee may be applicable, but you will save in money in the long run by getting the right product and advice. Our fee also covers all specialist across protection and insurance. Home insurance is mandatory for a mortgage to complete.
6 months – typically.
You can get mortgage ready before searching for the right home or investment.
Yes. That’s why we are here.
We partner with over 130 lenders, which totals over 25,000 mortgage options. Our service includes specialists across all types of complexities and circumstances. And when it comes to bad credit – please don’t worry. 8.38 million people have missed a bad credit, defaults or debt management plans. Its very normal and we have an extremely empathetic team to help you.
Yes. It makes you a more serious buyer and makes you more competitive in landing the right home.
We only offer advice via real people, with hands on knowledge, who will advise you on your bespoke circumstances.
You get dedicated support from start to finish from a dedicated adviser and our admin support service.
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Why Use The Mortgage Broker?
Access instant advice, and search for the best mortgage rates today with Free, no obligation mortgage advice you can count on. Looking to purchase a property? Then get yourself mortgage ready and become an active buyer with a mortgage in principle. Whether you have found a house or not, The Mortgage Broker can act quickly and get you in the position you need to be to purchase that house you are looking for!
No matter what your financial circumstances or where you want to live, we can help.
We’re here to answer all your questions and to make your home-buying process as stress free as possible. Get started today and get that decision in principle. If you already have one, no problem – feel free to compare rates
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