Poor Credit Score CCJ, Default's, Missed Payments DMP & IVA's Debt Consolidation

Bad Credit, Adverse Credit, Poor Credit Score – Whatever You Call It? Don’t Worry – it is very normal!

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!

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.

15 Million The estimated number of people in the UK that have "Bad" or "Adverse" Credit 1 Million of those, are due to remortgage in the next 12 months

Looking for a remortgage on your home but worried you have bad credit?

You have applied to your local high street building society or bank and the answer has been a flat NO or the interest was an eye-watering rate because of your credit file?

Lenders are becoming increasingly flexible with remortgage options and it is important to speak with an independent mortgage adviser in order to find the best mortgage deal for your circumstances.

Well, you’ve come to the right place!

The Mortgage Broker completes on hundred of mortgages every year for customers just like you through accessing mortgage lenders that are not available on the high street. Bad Credit is very normal and whilst we can’t guarantee a mortgage, our specialist advisers will work very hard in ensuring we leave no stone unturned.


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Remortgaging with Bad Credit?

There is a popular belief that you cannot get a mortgage or remortgage with bad credit. With an increasing number of people having defaults and CCJ’s on their credit file, Lenders are becoming increasingly flexible with remortgage options and it is important to speak with an independent mortgage adviser in order to find the best mortgage deal for your circumstances.

This is because every day, more and more people have what they consider “bad credit”. However, it will of course depend on your personal circumstances, and might need more work, but we can help you understand the options that ARE available for remortgaging with bad credit and The Mortgage Broker can help find you the most suitable remortgage rate.

Bad Credit is not a barrier to remortgaging, but you do need guidance and support in getting the right product for you and we are here to help. Whether it is your credit rating or defaults on your credit file, The Mortgage Broker may be able to help you. Our advisors are experienced in helping customers with bad credit remortgage.

What Is Considered ‘Bad Credit’?

Bad credit is a scary term that is often used for many factors, but generally refers to a poor credit score.

Do not worry if you have bad credit. There are remortgage options available with any of the below:

  • Missed or late payments on ANY credit agreement
  • Defaults
  • Debt Management Plans (DMP)
  • Discharged Bankruptcy
  • CCJ’s
  • Individual Voluntary Arrangements (IVA)

Can I Remortgage with Bad Credit?

Yes, you can. They can be harder to place, but do not worry as you can remortgage with bad credit. It may require more work from an adviser, but we can do the work for you and find the most suitable mortgage for your circumstance. Whether you are after the best mortgage rate, or decreasing your monthly payments you can remortgage, depending on the age of your debt and the bad credit on your credit file.

Speaking to an expert and getting FREE advice, is very important, in order to understand an impartial view on your credit history. The Mortgage Broker offers bad credit remortgage specialists that can read and understand your credit history, in order to advise you on the best lender for you.

How Do My Missed Payments and Defaults affect a Remortgage?

When you missed those payments, and how many you have missed, will affect how it affects your mortgage. If it is just one missed payment and this happened some time ago, then it will not have as much effect as if you have missed a few in the last few years.

Lenders are taking more of a common sense approach with certain things such as missed mobile phone payments and therefore, it is always worth checking with an adviser as what you consider really drastic, may not have any significant impact on your remortgage application.

Not all lenders will accept missed payments and defaults on the your credit file. Speaking to an adviser will help to understand which lender may be most suitable for your circumstances.

How Does a CCJ affect a Remortgage?

It depends what this was for and when. However, there are lenders that you can remortgage with even though you have a CCJ. There are over 100 Lenders in the industry and they each have different criteria and different levels of acceptability for County Court Judgements, so by speaking to an adviser will help you understand your options.

Should I just stay with My Current Provider if I have Bad Credit or a Poor Credit File?

No. It is always better to understand your options from an independent adviser as your current provider is limited to their products. Your current provider may not be offering the best rate, whether your bad credit was before or after your mortgage date, and therefore, you may find a more suitable option by searching the market.

Your current lender may not be offering you the best rate for your circumstances, or you may find that other elements of the mortgage, such as your mortgage term, may need to change. You may not be able to change these if you remortgage with your current lender whether you have bad credit or not.

Does it Cost Me Money to Ask an Adviser to Help Search for Remortgage Deals?

It is FREE to speak to an adviser and search the market for the best remortgage options if you want to remortgage with bad credit.

At the Mortgage Broker, we can understand your circumstances, your credit file and assess the bad credit. Then we can search the market and advise if there are options available.

The Mortgage Broker offer upfront advice for FREE and provides no obligation quotes. This enables you to make the best decision for your circumstances and with this understand your remortgage options. If you proceed, The Mortgage Broker charges a fee for submitting the mortgage application and supporting you through to completion.

The Mortgage Broker caps fees at 1% of the Mortgage and offers a fair market fee structure to ensure that we can offer focused specialised advice for remortgaging with bad credit.

Will Getting a Remortgage Quote affect your Credit Score or Credit File?

No. You can get a quote and an understanding of the market without any affect on your credit score or footprint on your credit file.

At the beginning, your adviser will take some details from you, and no credit checks are run. Therefore no impact on your credit score for your adviser to tell you what is possible. Your adviser will explain very clearly when they will be doing a formal credit check and what impact that has on your credit file.

Can I Save Money if I Remortgage with Bad Credit?

Yes, this is possible. However, everyone’s circumstances are different, and if saving money is your primary goal, then is it very important to search the market for the right mortgage when remortgaging when bad credit.

Saving money doesn’t necessarily mean the “best mortgage” as it all depends on your needs and requirements. However, it is possible to save money from a remortgage. This will depend on your current rate, new rate, borrowing amount and mortgage term.

Our aim at The Mortgage Broker, is to always save you money where possible when remortgaging.

Does a Late Payment Mean I Cannot Remortgage?

No, not always. It entirely depends on when the late payment was, how much it was for and how quickly this late payment was rectified.

Also, how many late payments?

However, The Mortgage Broker does have Lenders on the panel that can help with a bad credit remortgage if you have a late payment on your credit file.

How Can I Increase My Chances of a Remortgage with Bad Credit?

It is very important you understand your credit file, as your credit score directly impacts any remortgage that is available to you. Your mortgage adviser will be able to guide you on what to do going forward to improve your credit file as much as possible and support you in being ready for a remortgage with bad credit.

What is the Remortgage Process?

The remortgage itself, is moving your mortgage from one lender to another. This enables you to switch mortgages to a different lender that may offer something more suitable to your circumstances.

There are multiple reasons why people remortgage, for example the current fixed rate is ending, need to borrow more money or to extend the mortgage term to make monthly payments more manageable.

A switch to a new mortgage can still be possible with bad credit.

How Long Does a Remortgage Take?

This depends on a few factors but the entire process can be anywhere between 2 -16 weeks. If you are simply switching rates, this can be much faster. The Mortgage Broker will remove all the stress of this process and can fix a rate so that it ties in to when your current fixed rate is coming to an end.

When Can I Remortgage?

You can apply for a new mortgage or remortgage with bad credit, when you are 6 months away from your current mortgage rate ending.

Our Mortgage Brokers often speak with customer 7 months before the remortgage rate is ending, to ensure that you can get the most appropriate advice and make the right decision for your circumstances when remortgaging with bad credit. This also gives the adviser more time to support you with your credit file.

My Partner Has Bad Credit. Can We Remortgage?

Yes, lenders will look at both credit files if you are both named on the mortgage and your mortgage adviser will find the best solution for both of your circumstances.

All elements are taken into account, however, the mortgage advisor can support you in this process.

Will Lenders or Banks Refuse a Remortgage if I Have Bad Credit?

Yes, some lenders will. This is often the problem as many lenders are not directly known by customers trying to remortgage with bad credit. The Mortgage Broker has over 1000’s of mortgage products available and within this are options for customers with bad credit.

Some lenders have very strict criteria and may instantly decline your remortgage application if they see any bad credit on your credit file. Mortgage Advisers at The Mortgage Broker have access to 90+ lenders, and would do a full review to ensure that the lender they choose is best for you, based on your bad credit.

How Do I Switch Mortgage Provider?

The simplest way is to speak to an expert and get independent advice on finding the best remortgage for you. Fear not, if you have bad credit, contact an adviser at The Mortgage Broker and one of the qualified specialists will discuss your options and do all the work for you.

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