Equity release mortgages can give you financial freedom in retirement to make home improvements, pay off an existing…
Remortgage Bad Credit
Want to Remortgage With Bad Credit? Find Out How
Remortgage With Bad Credit
Thinking of remortgaging? A remortgage can be a great way of releasing capital in an existing property when you’re looking to raise funds, whether it’s for home renovations, a holiday or even buying a new car.
Whilst remortgaging can be relatively straightforward for most, for people in need of a bad credit remortgage, things can be trickier.
Fortunately, here at Amber Mortgage Solutions we have helped to successfully arrange a remortgage with bad credit history for hundreds of clients who have been turned away elsewhere.
So, if you’re searching for the best adverse credit remortgage for you, we’ll help you to find it.
Can I Remortgage With Bad Credit?
The answer is yes!
If you have experienced financial difficulties since your initial mortgage was secured, then you may find that many high street lenders – even your current lender – may decline your application for a remortgage. If you are still able to secure a deal, then this may also be on less favourable terms than your current mortgage deal.
Whilst there’s no doubt that there are challenges in getting a remortgage with a bad credit score, there are still options available to you. Our experienced team of bad credit brokers can help to find the best ones for you.
Here’s what our client’s have to say!
How Do I Know If I Have A Bad Credit History?
Many high street lenders will decline a remortgage with a bad credit rating for the same reasons they would decline a first-time mortgage application from someone with a bad credit history. This is because a poor credit rating suggests that the applicant is unable to manage their finances, making them a higher risk to lenders.
But it’s not all bad news! Every application a lender receives will be judged upon its own individual merits and whilst adverse credit incidents on your report may affect the options available to you, they do not mean the end for your application.
Generally, you’ll still find that you’re able to secure a remortgage deal even with any of the following on your credit report:
- Defaults (a number of missed payments)
- Missed or late payments
- County Court Judgements (CCJs)
- Individual Voluntary Arrangements (IVAs)
- Debt Management Plan
- Discharged Bankruptcy
Bad credit records will stay on your credit file for six years, after which they will be removed. However, this does not mean that you have to wait six years for your adverse credit events to be removed before you apply for a remortgage. Generally speaking, the older an incident of credit is, the less impact it will have on your credit score and a lender’s decision.
For a better idea of how your bad credit issues may impact your remortgage application, contact us today for expert advice from a member of our friendly team.
Getting a Remortgage With Bad Credit
When seeking to remortgage with adverse credit score, it is always recommended that you take steps to improve your credit score where possible.
If you’re unsure of whether or not you have a bad credit rating, the only way to find out for sure is to secure copies of your credit report. You can obtain a copy of your report, for free, from one of the UK’s three biggest credit reference agencies – Experian, Callcredit and Equifax.
Working to improve your overall credit score and taking action to better manage your finances will be looked upon favourably by lenders and help to strengthen you application. A professional mortgage advisor will be able to advise you on how to improve your credit score. However, for now here are some first steps you can take to get your credit score back in good condition:
- Make sure you are registered on the electoral roll
- Make sure all personal details and information on your credit report is correct and up-to-date
- Take care to not go over your agreed credit limit and pay off your balances on time
- Learn to better manage your outgoings and pay all of your bills on time
- Cancel any forms of credit that you do not need or use. For example, store cards or unused credit cards
- Avoid payday loans – these imply to lenders that you are unable to manage your finances
Other things to consider are ways to increase your income and in general, boost your finances for improved future security. Whilst this in itself will not help your credit score, the less outgoings and more disposable income you have, the greater your chances of passing lenders’ affordability test.
For help and advice on how to repair your adverse credit score, contact us today.
Want To Find The Best Remortgage Deals With Bad Credit? We Can Help!
If you’re looking to find a bad credit remortgaging solution sooner rather than later, then there are plenty of specialist lenders out there who are happy to work with poor credit applicants to find them a deal.
At Amber Mortgage Solutions we have unlimited access to the whole UK mortgage market, giving us access to a wide range of specialist lenders who may be able to offer you the remortgage deal you require. So, if you’re in need of an affordable bad credit mortgage, get in contact with a member of our friendly team today.