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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.

For more information

Speak to our specialist advisers today.

01702 619 221

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:

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.

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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.

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01702 619 221

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

How Do I Know if I Have a Bad Credit Rating?

For some, they may have no real idea they have bad credit until they are declined a mortgage 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 mortgage.

Once a mortgage 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 bad 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 Bad 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 bad credit lenders, we can guide you on your next steps to getting the mortgage you need.

Quick FAQs

Have a question about remortgages with bad credit?

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

Some people may decide to remortgage as a way to clear any existing debts, such as credit cards and personal loans. This can be a beneficial way of reducing the amount of interest charged on your outstanding debts as mortgage rates tend to be considerably lower than the interest rates on other forms of borrowing.

When you remortgage with a different lender, then you may be able to borrow extra money. This depends on the lender’s maximum loan-to-value (LTV) ratio, the equity available in your property and your affordability.

If you do decide to go down this route, then it is still important to remember that whilst you might be paying a lower rate of interest, you may end up repaying more in the long term, over a much longer amount of time.

Whilst it may be possible to remortgage and borrow extra funds to pay off any debts you owe, with credit problems such as defaults or CCJs on your file, getting a mortgage deal of any kind can become more difficult.

Fortunately, there are lenders who specialise in mortgage and remortgage deals for people with a poor credit history.

Please note, if you are hoping to secure extra money against your property, you may risk losing your home in the event that you fail to make your mortgage repayments.

With sufficient equity in your property, it may be possible for you to remortgage and borrow extra finance to pay the tax amount that you owe to HM Revenue & Customs.

Whilst the majority of lenders will not lend to a homeowner for the purpose of clearing a tax bill, there are some specialist lenders who will be happy to consider your application. With experience of different lenders across the whole market, our bad credit brokers can advise on the best lenders to suit your unique circumstances.

Even though most high street lenders will not permit finances raised on a remortgage to be used for businesses, there are some specialist lenders who are more accommodating to those who wish to remortgage for business purposes. Again, it is important to remember that by borrowing money against your property for business, you risk losing your home if you or your business run into financial troubles.

Even with a poor credit history, it is possible to remortgage your standard residential mortgage to a remortgage buy to let with bad credit mortgage with a different lender. However, with affordability assessments for buy-to-let mortgages now using stricter criteria, a history of adverse credit may reduce the options available to you.

An expert bad credit broker can help to increase your chances of finding the best lender to suit your needs.

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 mortgage you need.

We’re here to help you, not judge you, so call us on 01702 619 221.