Bad Credit Remortgage
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Bad Credit Remortgage (Part 1)
James Bull talks to us about how remortgaging with bad credit works.
Can you remortgage with bad credit?
A nice simple question to start the podcast, with a simple answer: yes you can.
How can I remortgage with bad credit?
The actual process of remortgaging is exactly the same whether you’ve got bad credit or not. The main difference is that as mortgage brokers we have to do a little extra research, to identify the right mortgage and lender for a client’s situation and factoring in the bad credit.
Can you be declined a remortgage?
You can be declined on any mortgage, but as mortgage brokers we do all the due diligence upfront, before the mortgage application is submitted, to minimise the chances of a remortgage being declined.
Can you get a remortgage after bankruptcy? Or with a CCJ, IVA or default?
Yes, you can remortgage with all of those. But, of course, you’re going to be limited as to which lenders will accept those circumstances.
Can you remortgage with a debt management plan?
Yes, there are lenders that accept that, but it’s just a limited number.
What deals and rates are available if you are remortgaging with bad credit?
The majority of mortgages we do for clients are fixed and you can still get fixed rate mortgages if you have bad credit. There’s a huge range of lenders, rates and deals available and they do vary quite widely.
The exact rate a client will end up with depends on their personal circumstances and the specifics of the bad credit. That’s going to vary from person to person.
Because we specialise in this kind of mortgage, we’ll make sure that we find the right deal for each client.
Are there many bad credit remortgage lenders?
It depends on what you define as many. But there are plenty with broad enough criteria to cater for a wide variety of circumstances.
Is it better to improve my credit rating before remortgaging?
Your credit report actually goes back for six years. So once there is something bad on your credit record, there’s not a huge amount that you can do. It’s going to stay there for six years.
How do I improve my credit score or rating before remortgaging?
Generally speaking, the older any bad credit is, the better it’s going to be for your mortgage application. For any clients who do have credit issues, we’ll fully review their credit report. If there is anything that can be done to improve it, we’ll give personalised advice.
How do I apply for a remortgage with bad credit?
It’s the same process as any other mortgage, but the first step would be to get in touch with us as a mortgage broker that specialises in bad credit. We’ll just guide clients through the process step by step.
What else do we need to know before we return for part two?
Just be reassured that you can still get a mortgage if you have bad credit. And at JB Mortgages, obviously we deal with cases like this every day. We’re happy to help.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Bad Credit Remortgage (Part 2)
James Bull continues the conversation on remortgaging with bad credit. Episode two of two, recorded in October 2024.
Can I remortgage without a credit check?
Unfortunately not. Mortgage lenders will always do a credit check as part of the application process.
Can I remortgage with arrears?
Yes, you can. But lenders have varying criteria for secured arrears – for example, a mortgage – versus unsecured arrears, which could be a loan or a credit card.
At our end, as the mortgage broker, we would need to see a client’s credit report to get a full picture of the arrears before we can start giving any advice.
What is a bad credit score?
It’s tricky, because there are actually three main credit reference agencies in the UK and all of them give different credit scores, calculated in individual ways.The lenders also use their own internal scorecards, which is completely different again.
On a mortgage application, the main factor is not really a person’s score – it’s the specific details of their credit report and what’s on there. That’s more important than the score.
Can you release equity with bad credit?
Yes.
Can I remortgage if my partner has bad credit?
If it’s a joint application, it’s going to be based on the credit score of the partner who has the bad credit. With a high street lender, the bad credit could make your application fail. It’s always going to be based on the worst applicant, so to speak.
How does credit card debt affect a remortgage? How will credit card debt affect my mortgage application?
Credit card debt in itself shouldn’t cause a problem, provided the credit card bills are paid on time. Obviously, any balances held on credit cards will be factored into affordability, so that affects how much you can borrow. But that’s the main thing, really.
Is it better to have a personal loan or credit card debt when remortgaging?
It doesn’t really make any difference. Any debts will be taken into consideration. Whether it’s a loan or a credit card, everything gets factored in.
How does remortgaging a Buy to Let work with bad credit?
The process of remortgaging is just the same as with any other mortgage, whether it be residential or Buy to Let. The main difference is the extra research at our end, as the mortgage broker, to identify which is going to be the right lender.
How can a mortgage broker help if somebody is looking to remortgage and they’ve got bad credit?
As a mortgage broker, we have access to all the lenders and we know all their criteria. After reviewing a client’s circumstances, we can recommend the most suitable mortgage, and then guide them through the whole process of applying for that mortgage and getting accepted for it.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.