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Poor Credit Remortgage

Do you want to find a remortgage but are worried about how your poor credit score may impact your chances?

We understand that a history of poor credit can make finding a lender willing to provide a remortgage tricky.

However at Amber remortgage Solutions we consider everyone. So regardless of your poor credit score, our specialist remortgage advisors can help you to find the best deals on the market and access an affordable poor credit remortgage to suit your personal circumstances.

Remortgages for People with poor credit

Our expert team take great pride in finding the very best deals for our clients, and will search the whole of the market to ensure you get the poor credit remortgage you need.

Whether you’re looking to move or reremortgage, are a first time buyer or even an investor looking to secure a buy-to-let remortgage, we are able to help borrowers with poor credit get back on track, with expert advice from our dedicated team of professional remortgage brokers.

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What Does it Mean to Have a poor credit History?

It is important to remember that your credit score is not what determines the final decision on your remortgage. It is the variety of information your credit file consists of that is taken into consideration by remortgage lenders.

Common contributors to a ‘Adve’ credit history, or ‘score’, are:

  • A history of missed payments/defaults.
  • Previous court records. For example, IVAs, bankruptcies, CCJs.
  • Electoral roll information (whether or not you are registered to vote).
  • Your current debts and which companies these are owed to.
  • Credit card applications, in particular, how many have been declined.
  • Payday loan information held on your file.
  • A Debt Management Plan (DMP) that you may have entered.

Whilst it is possible to repair a poor credit rating, many lenders will look beyond this and consider your circumstances and different contributing factors, such as the above, to reach their own decision.

This is why it can be beneficial to have an expert remortgage broker on your side. To walk you through the process, step by step, and help you find the best remortgage possible with your credit history.

Here at Amber remortgage Solutions, we take great pride in helping clients who believe that their poor credit history makes finding a suitable remortgage impossible. Regardless of your past credit issues, our years of experience and expertise mean we are able to give you the best possible chance of securing a remortgage, no matter what your past.

Finding poor credit remortgages

We understand that when you have poor credit, looking for a remortgage can feel like a struggle. Getting a remortgage with a poor credit history can be hard to do, when the majority of high street lenders are hesitant to get to understand an applicant’s individual circumstances, declining remortgages based on credit scores alone.

Our team at Amber remortgage Solutions strive to gain a fuller understanding of each applicant’s situation, making it possible to place them with lenders more likely to be the right fit. It also means that we can work with our clients to not only secure a remortgage, but also provide professional advice to help a client improve their own financial situation.

What Steps Can I Take to Secure a poor credit remortgage?

Regardless of whether you have existing debts or a poor credit history, the best first step towards securing a poor credit remortgage is to demonstrate to lenders that you are not a risk. Going forward, show that you can pay your monthly credit commitments on time and take steps to start improving your overall finances.

For expert poor credit remortgage advice, speak with a member of our team today. Our experience in poor credit remortgages mean that in circumstances where a high street lender cannot assist you, we can still match you with the right lender to help you.

No matter what your credit issues may be or where you are on your property ownership journey, our friendly advisors can assist you every step of the way, giving you the best possible chance of successfully securing your poor credit remortgage.

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01702 619 221

Open: Monday - Friday 8:30am - 5:30pm

How Do I Know if I Have a poor credit Rating?

For some, they may have no real idea they have poor credit until they are declined a remortgage by a high street lender for the first time.

However, for others it may come as less of a surprise to learn that their credit history is far from perfect. You may be receiving letters from credit card companies, are aware of missed payments or are being visited by debt collectors.

The only way to know for sure what condition your credit history is in, is to secure a copy of your credit report.

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How to Access Your Credit Report

It is now easier than ever to obtain your own credit report and see for yourself how you might fare in getting a remortgage.

Once a remortgage application is submitted, the lender will access your credit file information to assess your suitability for a loan. So, if you’re concerned about having adverse or poor credit, we would encourage you to take action sooner rather than later, and obtain a copy of your credit report. This can be done for free, from a wide range of trusted online providers.

Need help getting your credit report? Contact us today and speak with a member of our friendly team for advice.

I Have a poor credit Rating – How Much Can I Borrow?

When looking at how much a person can borrow, the first thing many lenders will examine is your ability to afford the loan. This means they will need to look at your income – or income(s) if it’s a joint application – as well as your regular outgoings and other credit commitments.

In addition to looking at affordability, a lot of lenders will also consider your maximum income multiple. For example, 4x or 5x your income(s), depending on the lender.

With lenders now using such diverse methods to assess the extent to which you can afford a potential loan, the best way to prepare would be to discuss your situation with one of our professional advisors.

Having experience of working with poor credit lenders, we can guide you on your next steps to getting the remortgage you need.

Frequently Asked Questions

Yes. Whilst getting a remortgage with poor credit can be difficult, it’s a common situation many applicants find themselves in. So whilst a poor credit history can make things tricky, there are steps we can help you take to start repairing your credit rating and get you back on track to finding the right remortgage for you.
Even with a poor credit score, it is still very possible for you to get a remortgage. There are varying degrees of what is considered to be a ‘poor credit’ score and one black mark on your credit file may not have as significant an impact on your remortgage application as you believe.
You may have been told that your credit rating is ‘poor’ or it might have been described to you as ‘adverse’. Essentially, in the context of getting a remortgage, both words mean the same thing and we are able to help you with both.
There is very little difference between the two, especially as different lenders will look at very different criteria when assessing a remortgage. However, if you know you have any recent defaults, IVAs, are on a debt management plan or have CCJs, you may want to seek the help of specialist advisors, like Amber remortgage Solutions, who will be able to advise on the best remortgage for you.
When looking for an affordable poor credit remortgage, there are still many options out there, they may just be that little bit harder to find. Whilst a few high street lenders may consider applicants with minor or historical credit issues, the majority will probably refuse an application with a poor credit history. However, there are still many independent lenders out there who will be able to offer you a suitable deal – you just need the right help to find them.
This really is dependent on the perceived potential risk you represent to lenders. Whilst there are some credit events considered more serious than others, such as CCJs or bankruptcy, there are still ways you can remedy your credit score to poorer the costs to yourself. For example, if you have a CCJ from several years ago on your credit report, but you have since made all of your credit repayments on time and used them responsibly, whilst a high street lender may still refuse your application, this would look more favourable to an independent lender who can offer you the right deal.
Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the remortgage you need. We’re here to help you, not judge you, so call us on 01702 619 221.

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