Bad Credit Remortgage

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Bad Credit Remortgage Frequently Asked Questions

Richard Crow answers the most frequently asked questions on bad credit remortgages

In just 10 minutes, you’ll know a lot more about getting your remortgage sorted.

Can you remortgage with bad credit?

It’s possible, however, there are still the usual factors to consider, such as how recent the Bad Credit is, how much the debts are, and how often they’ve occurred. We would suggest seeking advice from a broker, as they can review your circumstances before proceeding with any applications and match you up with a lender with whom the remortgage will be possible.

How can I remortgage with bad credit?

In exactly the same way as someone with good credit. Nothing really changes, it purely comes down to which lenders are available to you and which criteria that you meet. It’s always a great idea, whether you have good or bad credit, to seek advice from a qualified broker.

Can you be declined a remortgage if you have bad credit?

There’s always a possibility of being declined on any mortgage application, even if you don’t have bad credit. Every lender has their own scoring system and their own criteria and they have the power to say no, even when you meet criteria.  However, when you go through a Mortgage Broker, we are always able to match you with the most suitable lenders available to you and if one declines you, more often than not, we can get you placed with another lender, depending on the circumstances.

Can you get a remortgage after bankruptcy, an IVA, a CCJ or a default?

Getting a remortgage with a CCJ (County Court Judgement) or a default is very possible, depending on when they were registered and how much they were registered for. They don’t always need to be satisfied either. When clients have an IVA (Individual Voluntary Arrangement) or have been bankrupt, lenders usually want you to be one year discharged in order to get a remortgage. However, we do have access to a couple of lenders that may accept a case from a client in a current IVA. In circumstances where you have any of these issues present on your credit report, it’s worth speaking to ourselves or any other Mortgage Broker who can review your credit file and advise you on the most suitable course of action.

Can you still remortgage with a Debt Management Plan?

There are a small number of lenders who will accept an application where there is an active Debt Management Plan present, and many lenders view these in a similar way to an IVA so I would always recommend that you’ve been in it for at least twelve months and have made all of your payments on time, before applying.

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What we really enjoy is being part of one of the most important purchases in people’s lives. It is incredibly special to witness the excitement and emotion when people receive their mortgage offer.

Whether it’s your first time, moving home, investing or just looking for a better rate we would love to hear from you. 

What deals and rates are available if you are remortgaging with bad credit?

Mortgage deals and rates change daily, so we can’t really get into the specifics of deals and rates, because what I tell you today could be wrong tomorrow. There are plenty of lenders available that cater specifically for people with bad credit, and will accept varying degrees of bad credit, from light to severe. 

If you’re looking to remortgage and are worried because you’ve got bad credit, we are able to review your situation and find the deals available to you at the time, based on your circumstances. You will probably have to accept that rates will be slightly higher than high street rates with this type of lender, however. 

Is it better to improve my credit rating before remortgaging?

I usually recommend that everybody checks up on their credit report every nine to twelve months anyway, this way you can keep tabs on what is going on. This also gives you the opportunity to rectify any errors and improve any bad credit as a habit. 

Whether or not anything needs improving on your credit file in order to obtain a mortgage will depend on what’s on there, and sometimes we’re able to proceed just as things are, so if you have an adverse credit history, contact us to review and discuss your options before you do anything. That way any corrective action that needs to be taken can be advised and taken out properly.

How do you improve your credit score?

There are a couple of easy things that you can do to improve your credit rating, such as ensuring you’re on the electoral register and making sure that your active bank accounts and credit accounts are all registered to your current address. 

Other things that you could do are, make sure all your credit commitments have been paid on time, and you don’t go over any agreed overdraft or credit card limits in the last three to six months prior to making a mortgage application. 

How can Richard Crow Mortgages and Insurance help?

We deal with a lot of people with bad credit and they think that it’s going to be impossible, but most of the time that’s not the case. It’s just down to finding the lenders who will accept the bad credit you have at that moment in time. 

All lenders are very different, they all have things that they will and won’t accept, so you don’t try and do it on your own, because it really is a specialist thing.

If you Google Check My File to monitor your credit report, they bring the three main credit agencies that lenders use together, Experian, Transunion and Equifax. From a broker’s point of view, it’s always helpful to have a full picture of what lenders see, because it puts us in the best position possible to be able to advise our clients and get them the most suitable deal possible.

Your property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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