Remortgage With Bad Credit – Is it Possible?

Having a remortgage with a bad credit score doesn’t have to stop you from accessing mortgage deals or remortgaging. Many lenders have products designed specifically for borrowers who may have had problems in the past, such as missed payments or defaults. However, it’s important to understand that you may face higher interest rates and you may need to have a larger deposit.

The exact criteria for a remortgage with bad credit will vary between lenders. It will also depend on the reasons for your adverse credit and how long it’s been since any issues occurred. Some lenders may require that you are on the electoral roll, whilst others will not. You can also improve your chances by paying down debts, making sure you pay your monthly payments on time and avoiding applying for new credit unnecessarily.

Financial Fresh Start: How to Remortgage with Bad Credit and Improve Your Home Financing

It’s also worth checking your credit report for errors, such as debts you didn’t actually incur, as these could be affecting your chances of being approved for a remortgage. You can check your credit report free of charge from Experian, Callcredit and Equifax, or via a site like Check My File.

It’s essential to seek advice from an experienced mortgage advisor if you have bad credit before you apply for a mortgage, as they can help you work out your eligibility. They can also help you find lenders who will accept your adverse credit and advise you on the best remortgage deals available for your circumstances.

Having a remortgage with a bad credit score doesn’t have to stop you from accessing mortgage deals or remortgaging. Many lenders have products designed specifically for borrowers who may have had problems in the past, such as missed payments or defaults. However, it’s important to understand that you may face higher interest rates and you…