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Poor Credit Remortgage

Our Mortgage Service - helping you make the right decision

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

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"We know that the internet is the first port of call for many people when looking for mortgage solutions; our view is, yes use the internet to do your own research , but then bring it to us and we’ll let you know how your findings compare and then give you the information and advice you need - so that you can make the right decision for your future.” Adam Arnott, Head of Mortgages & Protection

Locate the best remortgage deals for a poor credit score

In the event that you have a poor credit score, the welcome news is that you should to still have the capacity to get a remortgage bargain – it's only an issue of locating the right remortgage lenders. Some remortgage dealers spend significant time catering to customers who require a remortgage with a poor credit score – call our expert, dedicated remortgages team on 0117 332 3389 to talk about your remortgage needs.

What difficulties could I face when trying to get a remortgage with a poor credit score?

Understandably, remortgage lenders need to minimize the financial dangers that they take on when they lend out a lot of cash for a remortgage. This means that when you apply for a remortgage deal, your past credit history will be taken into account with a specific end goal to figure out what sort of borrower you have been in the past and if you have a decent history of making timely payments on previous debts. Obstructions to getting a remortgage with poor credit score could include:

  • Having a background marked by missing mortgage payments
  • Having a background marked by missing rental instalments
  • Having a background marked by missing credit card payments
  • Having a current or expired County Court Judgment (CCJ) against you
  • Having been bankrupt in the past
  • Having no borrowing history

While you are searching for remortgages with poor credit score you should be practical in your estimation of the kind of interest rates that you might be offered. Probably the most widely recognized features of remortgages with poor credit score include:

Higher interest rates - Interest rates on poor credit remortgages are almost always higher than those offered on standard remortgages

Higher deposit needed - You will ordinarily be asked to provided a deposit or equity of around 25% or 30% of the property's value, contrasted with a standard remortgage deal which you may be able to access with 5% to 10% deposit or equity

What are the most effective methods to enhance my credit rating before I apply for a poor credit remortgage?

It is a smart move to check that your credit rating is as good as it can be, and is presented in the best possible light, when it comes to applying for a poor credit remortgage. Regardless of the current poor state of your credit record, there may in any case be things that you can try to enhance your shot of getting a good remortgage deal. Some ways to try and improve your credit rating could include:

  • Check that you are on the electoral register
  • Make sure that your current address and personal information is up to date and points of interest are totally up and coming
  • Check your credit record to make sure that there are no mistakes that are making your credit history look poorer than it truly is
  • If you have credit cards, attempt to pay off as much as you can before you apply
  • If you have several old, unused credit cards, it is often a good idea to cancel at least some of them 

How could a remortgage with poor credit score enhance my credit score in the future?

When you have got the remortgage for poor credit score that you want, this could help you to repair your credit rating over the long haul. In the event that you make all your remortgage payments in full and on time throughout the following couple of years, and have no further defaults on other debts, this can really help to improve your credit rating. This could help when you come to apply for a further mortgage deal in the future as you may be eligible for better rates. 

At Fair Mortgages our team of independent, whole of market mortgage experts can discuss your poor credit remortgage requirements and help you to find the most suitable remortgage deals with poor credit – call us today on 0117 332 3389 or to speak to one of our mortgage advisers click here »

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