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Remortgage with bad credit

A bad credit score can make getting a remortgage deal more difficult. However, if you approach the right remortgage lenders, it may be possible to secure an affordable remortgage deal even if you are remortgaging with bad credit history. To help you find the best remortgage deal for your circumstance, you can use our FREE online mortgage calculator to compare over 5,000 top mortgage deals.

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Why is it hard to get a remortgage with bad credit?

If your credit score is poor, you could face difficulties getting a remortgage deal from some lenders. This is likely to be the case especially if any of the following situations apply to you:

  • You have been declared bankrupt in the past
  • You have outstanding County Court Judgments (CCJs) against you
  • You have had an Individual Voluntary Agreement (IVA) or other debt management plan to manage your outstanding debts
  • You have a history of late or missed credit card, loan or bill payments
  • You have a history of mortgage repayment or rent arrears

If any of these apply to you, it could be worth thinking about approaching a lender that specialises in remortgage deals for borrowers with adverse credit.

Getting a remortgage for bad credit

It is always a good idea to have a look at your credit report before you apply for remortgage deals, as lenders are now responsible for checking mortgage affordability. You could have a problem with your credit score because you have overlooked minor factors that affect your credit rating such as not being on the electoral roll. It’s also possible to have a worse score due to an error on your credit rating, so if you believe this is the case, you will need to contact the relevant credit reference agencies to get any mistakes rectified in order to give you the best credit score possible for your circumstances. Following these steps could give you an improved chance of getting a remortgage with bad credit.

If you have a difficult financial history or a bad credit score then you may find it useful to find a mortgage lender who specialises in mortgages for bad credit. Doing so could greatly improve your chances of getting the mortgage you need as the mortgage lender will be familiar with the difficulties of your bad credit situation. One of the best ways to get a mortgage for bad credit is to find a lender who is prepared to consider your bad credit mortgage application on an individual basis, rather than via an automated system which is programmed to reject any mortgage application that has a low credit score.

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If you are looking to remortgage with bad credit, it makes sense to compare as many deals on the market as possible to identify those you are most likely to be accepted for, as well as finding the best deal for your circumstances. See also our guide on - Can I get a mortgage if I have bad credit? - To do this you can use our free online mortgage calculator to compare over 5,000 remortgage deals instantly. If you are finding it difficult to choose the right bad credit remortgage, you may want to seek remortgage advice from an independent mortgage adviser.