Find your own mortgage with a little (free) help from Teito!
If you have bad credit, you may worry that you won't be able to secure a remortgage. There may be many reasons why you have bad credit on your record, which may simply be the result of a few missed payments.
The good news is that it is possible to remortgage if you have bad credit, and it may even save you money and help your financial situation.
If you've suffered financial difficulties since you arranged your mortgage, you may find it more difficult to remortgage, even with your current lender.
As your circumstances have changed, there is no guarantee that your current lender will offer you the same deal, if they offer you a deal at all.
While it is a challenge to remortgage with bad credit, it is possible. Our experienced advisors have helped many people with bad credit to get the best deal possible on their remortgage. There is no single acceptable credit score for lenders; each will have distinctive eligibility factors that inform their decision to lend. The age and nature of the adverse credit are taken into account, judged on a case by case basis.
Before you apply for a remortgage, there are a few things you can do to help your chances of getting a great deal.
Access your credit report with the major agencies - understand the factors that are driving your poor credit score and apply to rectify any inaccuracies. You may find that there are a few easy wins to improving your score, for example, registering on the electoral roll for your current address.
Use credit sensibly, and make repayments on time. By using credit wisely, this will help to demonstrate to potential lenders that you are a credible borrower who can manage debt, and make payments as agreed. It will take a few weeks to see a difference, but over time you will see your credit rating start to improve.
You can expect less favourable interest rates on a bad credit mortgage.
As each lender is different and each case is judged individually, it is difficult to provide an estimate of the rates you may be offered.
You may find that you are outside of the eligibility criteria of the mainstream lenders if you have bad credit on your record, which is why you may need one of the specialist lenders that our team work with day-to-day.
Our experienced mortgage advisors work with more than 100 lenders to make sure you get the best rates possible, even if you have bad credit.
Minor issues on your credit record, such as late or missed payments do not have the same impact as more severe problems such as repossessions and bankruptcies.
In comparison to high-street lenders, specialist providers can offer a solution to applicants with a range of credit issues, including:
Our advisors are ready to help you to get the best deal possible on your bad credit mortgage. Complete our simple online form today to get started.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.