Poor Credit Remortgage: A Guide to Getting Approved

Getting approved for a poor credit remortgage can be a challenge, but it's not impossible.

You can increase your chances of approval by making a larger deposit, which can be as high as 25% of the property's value.

Having a stable income and a good credit history with your current lender can also help.

According to our research, lenders are more likely to approve remortgages for borrowers who have a credit score of 300 or higher.

By understanding the options available to you, you can make an informed decision and find a poor credit remortgage that suits your needs.

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Remortgaging with poor credit can be a challenging and complex process, but it's not impossible. You can remortgage with bad credit, and it's essential to understand the reasons why you might want to remortgage, including consolidating debt, purchasing a buy-to-let, or renovating your main residence.

To prepare for remortgaging with bad credit, it's crucial to look up your credit reports and calculate your loan-to-value (LTV) ratio. This will help you determine the deposit you need and the type of lender you should approach. Some lenders may use a 'soft' search, which won't affect your credit file, while others may require a credit search that will be visible on your file.

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Improving your credit score is also essential, and one way to do this is by obtaining an adverse-specific credit card and repaying it in full every month. This shows lenders that you can borrow within your means and can improve your credit score over time.

Not all lenders are created equal, and some specialize in working with people who have poor credit. These lenders offer deals that you can't get from regular lenders, and a mortgage broker can help you find the right one for your situation. Even if you've had bankruptcy, a CCJ, IVA, or default, you may still be able to remortgage with the help of a specialist lender.

It's also essential to understand how credit problems can affect your mortgage renewal and how mortgage rates and terms are affected. Bad credit can lead to higher interest rates, and lenders may be more cautious about offering you a remortgage if you're in arrears with your existing mortgage.

Here are some key points to keep in mind when remortgaging with poor credit:

Don't be discouraged if you have poor credit - there are still options available to you. A mortgage broker can help you navigate the process and find the right lender for your situation.

Credit issues can affect your ability to remortgage, but it's not the end of the world. A poor credit history may lead to a poor credit score, making it harder to get approved by most lenders.

It's essential to know that credit reference agency scores and lender scores are different, and each agency and lender will assess your credit history differently. This means that even if you have a poor credit history, there are specialist lenders that may consider your application.

If you have a low credit score, using a broker can help mitigate further damage to your credit file through unnecessary credit searches. A reputable whole-of-market broker can assess your situation before taking action, resulting in only one credit search from the most appropriate lender.

Some common credit issues that can affect remortgaging include defaults, County Court Judgements (CCJs), and debt management plans. Lenders will assess these factors when considering your application, including the number of defaults, whether they are unsatisfied or satisfied, and when they took place.

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Here are some key factors lenders consider when assessing credit issues:

In some cases, it's possible to remortgage even with credit issues, but it's essential to work with a specialist mortgage broker who can assess your circumstances and advise on the best option.

Bad credit can happen to anyone, and it's essential to understand what constitutes it. Adverse credit history is caused by missed or late payments, or negotiated agreements reported to a credit agency.

Some common situations that contribute to a history of adverse credit include mortgage arrears, late payments, and defaults. These events can have a significant impact on your credit score and credit report.

Adverse credit history matters to lenders because borrowers with historical credit problems are statistically more likely to have them in the future. This is why lenders may be unwilling to give you a competitive deal if you're attempting to remortgage with bad credit.

Here are some examples of adverse credit history:

The seriousness of the situation depends on the nature of the issue, the sums involved, at what time they were registered, and how much equity is in the property.

If you have low credit, it's essential to understand how it affects your remortgaging options. Credit reference agency scores and lender scores are different, and each will determine your credit score based on your credit history, age, income, and loan to value.

You may be better off with a specialised lender if you have a poor credit history, as they take a more flexible view of borrowers with colourful or sparse credit histories. Many such lenders now exist and will consider your application.

Using a broker can help mitigate further damage to your credit file through unnecessary or fruitless credit searches, which can adversely affect your score. A reputable whole-of-market broker will use their expertise to assess your situation before taking action.

If you have a low credit score, you may face higher fees and interest rates, or even a "yes" but with conditions. High street lenders have their own criteria to determine an individual's credit score, and if the decision isn't clear-cut, they might say "yes" but charge higher fees and/or a higher interest rate.

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Here are some general guidelines to keep in mind:

To increase your chances of getting a remortgage with a low credit score, you'll need to demonstrate a good payment history and a stable income. It's also essential to work with a specialist broker who can help you find a lender that suits your needs.

When remortgaging, a personal loan might be slightly preferred by a bank over credit card debt because it has a repayment plan in place.

With a personal loan, you can expect to repay it over a set period, such as four or five years.

However, a credit card is treated similarly to a personal loan by banks, despite the risk of minimum payments or just paying the interest.

You've been declined for a remortgage. This can be a huge setback, especially if you're counting on the extra funds for a specific reason.

Anyone can be declined a mortgage, whether it's a remortgage or a purchase. It's not uncommon for people to worry about this happening to them and what it would mean for applying again in the future.

Don't rush into re-applying right away if you've been declined for a remortgage due to bad credit. This could further impact your credit files, making it even harder to get approved next time.

You can increase your chances of getting approved by speaking to a bad credit mortgage broker. They'll help you figure out ways to improve your creditworthiness and match you with the right lender.

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If you're struggling with a poor credit remortgage, there are several options to consider.

You can opt for a secured loan, which is a type of loan that uses your home as collateral to secure the loan.

Some lenders offer bad credit remortgage deals with lower interest rates than others.

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This can be a good option if you're struggling to make payments or have a poor credit history.

However, be aware that you may need to pay a higher interest rate or fees compared to a standard remortgage.

Secured loans can also be used to consolidate debt or make home improvements.

Keep in mind that you'll still need to meet the lender's credit requirements to qualify for a secured loan.

Some lenders offer remortgage deals specifically for people with poor credit.

These deals may come with higher interest rates or fees, but they can be a more affordable option than a standard remortgage.

Before applying for a remortgage, it's essential to check your credit report and credit score to understand your credit history.

This will give you a better idea of what lenders are looking for and what you can expect from the application process.

You may also want to consider working with a mortgage broker who specializes in bad credit remortgages.

They can help you find a lender that's willing to work with you and negotiate the best possible terms.

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Applying for a Remortgage can be a challenge if you have bad credit, but it's not impossible. A qualified mortgage broker has access to all the specialist lenders, which can save you a lot of time.

Trying to apply for a remortgage with bad credit directly with high street banks can be difficult, as they prefer low-risk customers. This is why it's highly likely that typical high street lenders are unable to help you if your credit score is below par.

A mortgage advisor can help you by taking a look at your credit report and assessing the severity of the issues. They can pinpoint lenders who are likely to take you on, most of which are only available through mortgage brokers.

Some lenders may automatically decline you if you've been bankrupt, but there are specialist lenders who can issue mortgages for those in this category.

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Remortgaging can be a great way to achieve your financial goals. You might want to remortgage if you have bad credit and need to consolidate debt.

There are several reasons why you might want to remortgage, including consolidating debt. You can also use a remortgage to purchase a buy to let property, which can be a good investment opportunity.

Renovating your main residence or a buy to let property is another reason to remortgage. You can also use the funds to buy a new vehicle.

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Applying for a remortgage can be a bit tricky, especially if you have bad credit. You're not alone, and there are ways to make the process smoother.

Typical high street banks often want low-risk customers, making it harder to apply directly with bad credit. A qualified mortgage broker can be a lifesaver in this situation.

You can save a lot of time by not trying to do things yourself, as a broker has access to all the specialist lenders. They can quickly tell you whether you're eligible for remortgaging or not.

You don't have to go it alone - receive a callback from a qualified mortgage advisor who can guide you through the entire process.

Receiving personalised advice and finding out what rates you could get are just a couple of the benefits of working with an expert.

You can remortgage with bad credit, although it won't be as straightforward as it would be with good credit. There will be fewer lenders available to you.

Did you know that a specialist Bad-Credit broker can help you access 30% more of the mortgage market? That's a significant difference.

If you're simply looking to change your product with your existing lender, you might be able to avoid additional affordability or credit checks. This is known as a product transfer.

Reasons to choose a product transfer include locking in a new fixed-rate deal, getting more flexible terms, or changing the type of your mortgage.

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Can I remortgage with bad credit? The answer is yes, you can. However, it's not as straightforward as it would be without credit issues. There will be fewer lenders available to you, so approaching the right one is the difference between being accepted and declined for a remortgage.

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You can remortgage after bankruptcy, as long as it was a while ago and not a large amount. A CCJ for a small amount three years ago is a different situation from a CCJ for a larger amount last month.

A bankruptcy, CCJ, IVA, or default on your credit file can affect your mortgage renewal, but it's not a definite no. Mortgage lenders assess the risk attached to each type of poor credit differently, and some lenders are more accepting than others.

If you're looking to remortgage with arrears, it's possible, but the timing is crucial. Lenders don't like it if you're currently going through this, they like to see that you've caught up on those payments or defaults and the issues are now historic.

You can also remortgage without a credit check if you're staying with your current lender and your circumstances haven't changed. However, if you're switching to a new lender, a credit check is usually required.

Here are some options to consider if you're remortgaging with bad credit:

Finding a broker who specializes in bad credit remortgages can be a game-changer. A mortgage advisor can pinpoint lenders that are willing to take on clients with poor credit.

Typical high street lenders often can't help if your credit score is below par, but a mortgage broker can identify specialized lenders that are more open to working with people in this situation. This can save you a lot of time and hassle.

You can try to find a broker on your own, but it's usually faster and more effective to use a service that matches you with an expert. These services have access to a wide range of mortgage brokers who specialize in bad credit remortgages.

A good broker will explore your credit file and situation to advise you on the most suitable options. They'll also keep in regular contact with you throughout the application process, helping you every step of the way.

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If you're looking for a broker, consider using a service that will pair you with an expert in bad credit remortgages. This can save you time, hassle, and disappointment.

Here are some ways to find a broker:

Improving your credit score can make a big difference when remortgaging with poor credit. You can help your case by taking steps to improve your credit rating before applying for a remortgage.

Correcting errors on your credit report is crucial, as it can improve your credit score. Paying off as much debt as possible and keeping up to date with your regular payments on bills and existing credit are also essential. Closing any unused credit accounts can also help reduce potential risks.

Here are some immediate steps to help get your credit rating back on track:

Improving your credit score before remortgaging can make a big difference in the mortgage product you'll qualify for. Waiting a few months could mean a big difference in the mortgage product you'll qualify for.

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You can help your case by taking steps to improve your credit rating before applying for a remortgage. These actions demonstrate financial reliability, which can help lenders view you more favourably.

Some immediate steps to help get your credit rating back on track include checking your credit report from Experian, Equifax, and TransUnion, and ensuring the details they hold are correct. Regularly update the personal details held on your credit report with each agency, such as your address and email address.

Managing your credit card balances is also important, aiming to pay more than the minimum and staying below 50% of your credit limit can help. Making sure you pay your bills on time shows reliability and improves your credit history.

To determine your loan to value (LTV), calculate the property value and work out your deposit/equity. This figure matters because many lenders stipulate that the higher the LTV, the better the required credit rating will be.

Here are some short-term actions that can provide a quick lift to your credit score:

Improving your credit score takes time and persistence, but even small changes can make a difference. For tailored advice, consider consulting a qualified advisor.

A bad credit score can be a real obstacle when trying to get a mortgage with a competitive high street lender, and anything below 'fair' will limit your options.

Your credit score is rated by agencies like Experian, who use a system of 'excellent', 'very good', 'good', 'fair', 'poor', and 'very poor'.

Missed payments, defaults, County Court Judgements (CCJs), bankruptcy, IVAs, and debt management plans can all negatively affect your score.

The more recent these issues are, the more they'll impact your credit score, so it's essential to address them as soon as possible.

Anything in the bottom half of the ratings will make it harder to get a mortgage with a competitive lender.

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Maintaining credit card debt can be a major obstacle in a remortgage application. If you've got large amounts of debt and you're close to or over your credit limits, or even missing payments, lenders will take a close look at those things.

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Lenders may be willing to consider applicants with poor credit, but it's essential to understand how your credit history affects your remortgage eligibility. High street lenders have their own criteria to determine an individual's credit score, and if the decision isn't clear-cut, they might say 'yes' but charge higher fees and/or a higher interest rate.

Economic changes, such as rising interest rates or inflation, can significantly impact remortgaging, especially for those with bad credit. Rising interest rates can lead to higher monthly payments, making it more challenging to secure a competitive deal.

Improving your credit score before remortgaging can make a significant difference in the mortgage product you'll qualify for. You can improve your credit score by obtaining an adverse-specific credit card and repaying in full every month, or by making timely payments and reducing credit utilisation.

Having card debt can significantly impact your remortgage application. If you're close to or over your credit limits, or missing payments, lenders will take notice.

It's not just about making payments on time, but also about how you're maintaining that debt. Lenders want to know why you've missed payments or breached credit limits, and how you plan to get back on track.

If you're struggling with card debt, it's essential to improve your credit score. Obtaining an adverse-specific credit card and repaying it in full every month can help prove that you can borrow within your means.

This approach can improve your credit score over time, making it easier to secure a remortgage. There are two types of credit cards available for those with adverse credit: a standard credit card and a guaranteed-acceptance card.

To determine the best course of action, it's crucial to look up your credit reports and calculate your loan to value (LTV). This will help you understand your current credit situation and identify areas for improvement.

Here are some key things to consider when looking up your credit reports:

By taking control of your card debt and improving your credit score, you can increase your chances of securing a remortgage.

Economic changes can significantly impact your credit score. Rising interest rates can make it harder to secure a competitive deal on a remortgage, especially if you have bad credit.

Higher interest rates can lead to higher monthly payments, which can strain your budget and affect your debt-to-income ratio. This can make it more challenging to remortgage.

Inflation and rising living expenses can also affect your credit score. As costs go up, your budget may become tighter, making it harder to manage your debt and maintain a good credit score.

To mitigate these effects, consider a fixed-rate remortgage to lock in predictable payments for a fixed term. This can provide stability in an uncertain economic environment.

Here are some key economic factors to watch out for:

By understanding how economic changes can impact your credit score, you can take steps to protect your financial stability and maintain a healthy credit score.

If you've been through bankruptcy, CCJ, IVA, or default, you can still get a remortgage, but it depends on how long ago it was and the amount involved.

Lenders consider mortgage arrears to be one of the most serious forms of late or missed payment, particularly if it's been in arrears for over a month. Bankruptcy discharge from up to six years agoA history of repossession and bankruptcyBankruptcy discharge plus a large depositBankruptcy discharge with just 10-15 per cent depositBankruptcy with just 5 per cent depositBuy-to-let following bankruptcyBankruptcy annulment plus second charges are examples of situations where some specialist lenders may be willing to offer a mortgage.

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Mortgage arrears can be a significant challenge when trying to remortgage, particularly if you've had issues in the past. Lenders consider mortgage arrears to be one of the most serious forms of late or missed payment.

Some lenders are more flexible than others, especially if the events are historic and you can reasonably explain why they were missed, provided that the previous issues have been resolved. However, lenders will also consider your loan-to-value (LTV) and loan-to-income (LTI) ratio when making a decision.

Nationwide is a good example of a lender that has specific criteria for mortgage arrears. They will only look at arrears that are a minimum of 6 months ago, but you can't have had more than 3 months of arrears in total. This means that if you've been in arrears in the past, you'll need to wait at least 6 months before applying to Nationwide.

Other lenders are even more cautious, preferring between 12-72 months to have elapsed since you were last in arrears. Some lenders simply refuse an application based on any mortgage arrears.

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You can get a remortgage after bankruptcy, a CCJ, an IVA, or a default, but it depends on how long ago the issue occurred and how much it was for.

It's not a simple answer, as there are many variables involved. A £300 parking ticket three years ago is a very different situation from a £5000 CCJ last month.

A mortgage broker can help pinpoint lenders that accept these types of blemishes, so don't assume you're automatically excluded.

Some lenders will automatically decline anyone who has entered bankruptcy, but specialist lenders exist who have experience of mortgages with bankruptcy discharge from up to six years ago.

These lenders also offer mortgages for those with a history of repossession and bankruptcy, or with a large deposit.

You might find it easier to secure a mortgage if your credit issues are lower on the sliding scale of severity, such as having paid your mobile phone bill a few weeks late.

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However, if you've had more severe issues, like bankruptcy or repossession, you may find it harder to get a mortgage.

Specialist lenders can offer competitive rates for those who have recovered from financial problems and saved enough to buy again.

Typically, only specialist lenders and products are available for those who have had a home repossessed in the past, so a broker will be essential.

Here are some types of mortgages that are available for those with bad credit:

Remortgaging with bad credit can be a challenge, but it's not impossible. You can be declined a remortgage, but with the right preparation and advice, you can give yourself the best opportunity to get approved.

High street lenders are more likely to lend on less severe issues, but they'll have stricter criteria. Specialist lenders can help with more severe issues, but it's less straightforward if you have multiple problems.

Bad credit can affect your remortgage application, especially if you're close to or over your credit limits, or missing payments. The lender will want to know why you're struggling with debt and if you're paying on time.

To prepare for remortgaging, it's essential to understand how your credit history will impact the process. A clean credit history is ideal, but if you have poor credit, a lender may perform a credit search that will appear on your file.

To determine your loan to value (LTV), you'll need to calculate your property value and work out your deposit/equity. This figure matters because many lenders stipulate that the higher the LTV, the better the required credit rating will be.

Look up your credit reports from Experian, UK Credit Ratings, and Check My File to find out what you're working with. Each will have different information, and this search takes time, but it's a worthwhile investment.

Improving your credit score can help you remortgage with an adverse credit rating. You can do this by obtaining an adverse-specific credit card and repaying it in full every month. This proves that you can borrow within your means and will improve your score over time.

There are two card choices available: a standard credit card for those with adverse credit, and a guaranteed-acceptance card for those who have had standard cards declined.

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You can be declined a remortgage, and it's not the end of the world. A lot of people are worried about this happening to them and what it would mean for applying again in future.

Lenders consider multiple factors, including how you're managing your credit card debt. If you've got large amounts of debt and you're close to or over your credit limits, or even missing payments, lenders will want to know why.

Resist the temptation to re-apply right away if you've been declined for a remortgage. Launching into another application straight away could further impact your credit files.

A bad credit mortgage broker can help you improve your creditworthiness and increase the likelihood of approval. They'll suggest ways to ensure you're paired with the ideal lender next time.

Bankruptcy, CCJs, IVAs, and defaults can also impact your remortgage application. But it's not a definite no - some lenders accept these blemishes, especially if they're historic.

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Remortgaging with bad credit can be a challenge, but it's not impossible. Generally, specialist lenders charge interest rates that relate to the severity of the credit issue.

Your credit history is a major factor in determining what interest rates you'll be offered. You could be looking at rates of five or six per cent, depending on debt severity and how recent it is.

The affordability assessment is a crucial part of the remortgaging process, regardless of your credit status. Potential lenders look at income versus outgoings to understand your affordability.

The FCA recommends that the debt-to-income ratio should be no higher than 45% for an offer of a mortgage or remortgage to be made. This means lenders will carefully consider your financial situation before approving your application.

Bad credit mortgages are often short-term, lasting from two to five years until your credit history has improved. This is a good option if you're looking to improve your credit score and then switch to a high-street mortgage.

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There are both high street and specialist lenders who can help applicants with bad credit. High street lenders are more likely to lend on less severe issues, but will typically have stricter criteria.

You can remortgage with bad credit, but it may involve higher interest rates or fees. Some lenders are more willing to lend to individuals with poor credit scores.

High street lenders have their own criteria to determine an individual's credit score. If the decision isn't clear-cut, they might say 'yes' but charge higher fees and/or a higher interest rate.

There are three groups of lenders: high street lenders, specialist lenders, and adverse credit lenders. Specialist lenders will sometimes take a more relaxed view if your credit issues stem from a life event.

You can remortgage even if your property value has dropped, but options may be limited. Specialist lenders may consider your application even if your loan-to-value ratio is higher than what traditional lenders accept.

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Some mortgage lenders will consider applications from people with a bad credit score, and there has been more choice in recent years. Your overall situation will be used to determine your possibilities.

Here are the three groups of lenders and their characteristics:

Some lenders may be willing to consider letting you remortgage if you're able to provide a guarantor.

There are a few different options available, such as a joint borrower sole proprietor mortgage or a more traditional guarantor mortgage.

The lender will usually use either a charge on their property or their savings to provide additional security on your remortgage.

This can be a good option if you're struggling to meet the lender's requirements on your own, but it's essential to carefully consider the implications for your guarantor.

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Refinancing a buy-to-let property can be a bit more complicated, especially if you have bad credit.

You can expect to pay higher rates than on a typical buy-to-let remortgage.

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The level of equity in the property, or your deposit, will likely need to be higher if you have bad credit.

However, buy-to-let lenders tend to be a little bit more flexible, given that the mortgage is repaid through rental income.

Bad credit will typically affect you in the same way regardless of whether you are remortgaging a residential or buy-to-let property.

Here are some reasons why you might want to remortgage with bad credit, and they're not limited to buy-to-let properties:

The remortgage process can be complex, but understanding the basics can make a big difference.

Typically, you'll need to have a good credit history to qualify for a remortgage, but there are options available for those with poor credit, such as specialist lenders and guarantor remortgages.

To start the process, you'll need to shop around for a new mortgage deal, taking into account factors like interest rates, fees, and repayment terms.

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A good credit score is not the only factor considered by lenders; they'll also look at your income, employment history, and debt levels.

You'll need to provide financial information and documentation, such as payslips, bank statements, and proof of income, to support your remortgage application.

Guarantor remortgages, for example, require a creditworthy guarantor to co-sign the loan, which can increase your chances of approval.

The remortgage process typically takes 2-6 weeks to complete, but this can vary depending on the lender and the complexity of your application.

A remortgage can be a good option for those who want to release equity from their home, but be aware that this can increase your debt levels.

You may need to pay early repayment charges if you're switching from an existing mortgage deal with a penalty, so factor this into your calculations.

A specialist lender may be able to offer a more flexible approach to credit scoring, taking into account your individual circumstances.

If you're considering remortgaging with bad credit, it's essential to think about why you're looking to do so. Is it to get a better rate or raise some additional funds? It's crucial to consider your financial situation and credit score before making a decision.

You should know that there are lenders who specialise in working with people with low credit scores. They offer deals that you can't get from regular lenders.

A bad credit expert can guide you through the entire process and provide personalised advice. They can also help you find out what rates you could get.

It's worth noting that remortgaging with bad credit can cost you a lot more over the next few years in interest and fees. So, it's essential to have a chat with an expert to determine whether remortgaging is the right decision for you.

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Improving your credit score before remortgaging can make a big difference in the interest rate you qualify for. It's like waiting one more month for a CCJ to be removed, which could mean qualifying for a better mortgage product.

Some lenders may require at least 6-12 months for a CCJ to be considered, while others might accept applications sooner if the CCJ has been satisfied. Defaults or CCJs can be a significant obstacle, but they're not insurmountable.

To improve your credit score, start by checking your credit report from Experian, Equifax, and TransUnion. Each agency may hold different details, so ensure they're accurate.

Regularly updating your personal details on your credit report can help improve your credit score. Make sure you're registered on the electoral roll, as this helps confirm your identity and boost your credit score.

Paying off small debts and overdue bills can clean up your report and positively impact your score. Even a few months of consistent on-time payments can make a difference.

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Reducing credit utilisation by keeping your credit card balances below 50% of your limit can also help. Canceling unused credit accounts can reduce potential risks and improve your credit score.

Here are some quick fixes to boost your credit score:

Remember, improving your credit score takes time and persistence, but even small changes can make a difference.

Remortgaging with Lower Property Value can be a complex situation, but options do exist.

You may find yourself in negative equity if your property's value has decreased since your initial mortgage. This can make remortgaging seem daunting, but it's not impossible.

Specialist lenders may consider your application even if your loan-to-value (LTV) ratio is higher than what traditional lenders accept.

Equity boosting strategies can also help improve your equity position, such as overpaying on your current mortgage to reduce the outstanding balance.

Government schemes may be available to help homeowners manage negative equity in some cases.

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There are specialist lenders that will issue mortgages for those with a history of bankruptcy. These lenders can offer mortgages for those with a bankruptcy discharge from up to six years ago.

Some lenders can even provide mortgages with just 10-15 per cent deposit, or even with just 5 per cent deposit, for those who have been bankrupt.

A mortgage broker can help you find these specialist lenders and guide you through the entire process. They can assess the severity of your credit issues and pinpoint lenders that are likely to take you on.

Here are some options to consider:

You can remortgage even with a bankruptcy, CCJ, IVA, or default on your credit history. However, the process can be more complex and interest rates may be higher.

If you've been bankrupt, some lenders will automatically decline you, but specialist lenders may issue mortgages for those in this category. These lenders cater to specific situations, such as bankruptcy discharge from up to six years ago or a history of repossession and bankruptcy.

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The impact of bad credit on mortgage rates and terms is significant, with higher interest rates being the most common consequence. No standard bad credit rate applies, and the rate will be bespoke to your circumstances.

Remortgaging with poor credit can be challenging, but it's not impossible. Certain lenders specialize in working with people with low credit scores, offering deals that regular lenders can't match.

If you're currently with a high street lender and you took that mortgage out when your credit was good, you might struggle to get another high street mortgage. Your existing lender may offer you a product to remain with them, which could be a more competitive option than moving to an adverse credit specialist.

Here are some specific scenarios where lenders may issue mortgages for those with bad credit:

To mortgage with bad credit, start by speaking to a mortgage advisor. They'll assess your credit report and identify lenders that can help.

Typical high street lenders often can't assist if your credit score is below par. A mortgage broker, on the other hand, can pinpoint suitable lenders.

Wasting time trying to mortgage with bad credit on your own is a common mistake. A mortgage advisor can explain whether your goal is achievable and find special lenders that can help.

You'll likely need to work with mortgage brokers to find lenders that cater to bad credit situations.