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Best Remortgage With Bad Credit Options – Updated August 2024

Frequent Finance Remortgage With Bad Credit

New lenders as of 1st August 2024 for people that want to remortgage with bad credit – Not on the comparison engines – Lower rates and better terms!

Frequent Finance has lenders offering:

  • Near prime, light adverse and heavy adverse remortgages
  • Initial interest rates starting at 3.9%
  • Variable, fixed and discounted rates
  • Choice from a large panel of lenders from multiple sources
  • Flexible approach to valuations and loan-to-value calculations
  • Self Employed and Employed
  • Raise money for home improvements or purchase of another property
  • No early repayment charges
  • Your Remortgage Requirements

  • About You

Have you been refused a remortgage or further advance from your existing lender?

Are you looking to mortgage out of an existing mortgage with a poor interest rate?

Are you looking for a more extensive choice than the ones offered by comparison websites?

Need to be rewarded for a better credit history/improved earnings?

Frequent Finance has new lenders as of 2024 for a Remortgage With Bad Credit.

One of the key ways to reduce the timescale of securing your remortgage is to apply to the right lender the first time. If you have a poor credit history the high street banks and building societies

Will my credit cards, car finance, shopping catalogues and other commitments affect my application?

The short answer is probably, YES.  Try to pay down any credit card balances if possible.  You are better off waiting to change your car till after you have qualified for your remortgage as a monthly car finance payment will dent your affordability for your monthly mortgage payments.  Most lenders have to be confident you can easily afford your payments even after things like holidays.

What if the lender wants to look at my bank statements?

Things they might not like:

  • Payday loans
  • Significant gambling activity
  • Bounced standing orders
  • Bounced direct debits
  • Persistent use of overdraft facility
  • Large deposits or payments that may require your explanation
  • An above-average amount of money spent on travel, hobbies and holidays
  • Large ATM withdrawals
  • Lots of failed remortgage applications where they think a lender has declined you

What they may like to see:

  • Your monthly salary comes from the same entity as your wage slips or accounts.
  • Utility bills, council tax and other routine services
  • Payments are consistent with your previous disclosures for personal loans, student loans, hire purchase agreements, car finance, secured loans, credit cards, charge cards, and other credit commitments.
  • Other commitments like insurances, pension contributions, property service charges and childcare
  • Income from stocks and bonds, again consistent with your previous declarations
  • A current mortgage without a credit issue

Poor credit remortgage in the UK and Northern Ireland

Frequent Finance offers remortgage deals for bad credit as we have been adverse credit remortgage specialists for many years.  The key to remortgaging with poor credit is making sure you partner the right borrower with the right lender the first time, so lenders don’t see too many credit checks in a person’s credit file.  It is common to find people who have gone to their existing lenders first and already have a remortgage same lender credit check dent in their record.

Do you want to release equity for an extra bedroom?

Adding an additional bedroom and bathroom in your loft and using a loft conversion cost calculator could help you decide if a loft conversion is right for your home.

Interest Only Mortgages For Over 70s
Metrobank Equity Release
Pensioner Mortgages

Equity Release Yorkshire Building Society YBS

How to get a mortgage with bad credit, but good income uk

As many of the best bad credit mortgage lenders are only accessible by brokers, it’s likely impossible for you can get the best mortgage rate with bad credit without the help of a broker.

Metrobank Lifetime Mortgage
Which? Equity Release Scheme
Yorkshire Bank Equity Release Scheme
YB-Yorkshire Bank Lifetime Mortgage
Which? Money Lifetime Mortgage
Legal & General Lifetime Mortgage

Secured Loans For Bad Credit Direct Lenders

Is a Halifax remortgage with bad credit possible

For existing customers of the Halifax, the bank will consider a Halifax remortgage with bad credit application, subject to other strict criteria.

Can you remortgage with bad credit?

Yes, subject to you having a lower-risk LTV and sufficient income, remortgage poor credit options are still available.

  • Your Remortgage Requirements

  • About You

Best bad credit remortgage rates FAQ’s

What if I have a poor credit score – what’s the best possible outcome?

This is not the end of the world, far from it, but you can forget high street lenders, you will need to improve your credit score over time.  Bad credit remortgages are fine with credit issues as long as the loan-to-value ratio is OK and the number of ccjs is not too high.  Expert brokers will look at your credit report and get a mortgage application done with a lender that will accept your credit record.

Paying your new mortgage on time every month will help to boost your credit record.

Most mainstream lenders’ lending criteria will look at an adverse credit event very sceptically.

Because of your credit rating, some mortgage brokers may want to charge a broker fee.  But with a low credit score, you will still get a good deal with a specialist lender.

If I find remortgaging with bad credit with specialist lenders is possible, what interest rates am I likely to get?

People with bad credit may pay around 1% higher interest rate with a specialist lender’s bad credit score remortgage.

What paperwork will I need for my bad credit mortgage deal?

UK mortgage lenders will want to see your accounts or wage slips, bank statements, and employment contract.  They will also consider your credit utilisation as some mortgage applications will be fussy about your adverse credit history.  Poor credit remortgage lenders will want to be cautious with the loan to value ltv.

What will the mortgage broker say if the credit reference agencies show missed payments and mortgage arrears?

The mortgage experts will likely tell you bad credit mortgages are not available to people with missed repayments on your mortgage and other current serious credit problems.

What if I have a debt management plan?

You can get a specialist mortgage with some bad credit lenders if you have a DMP.  However, many lenders do not like debt management plans as people with a history of payment defaults are considered to be at a much higher risk.  Poor credit mortgage rates can be in the form of a fixed rate, too.  After three years, finding some lenders that will ignore a bad credit rating for your outstanding debts may be possible, which is good news.

Will the mortgage lender study my debt-to-income ratio?

Yes, the remortgage deal you are offered from the credit experts will study your bad credit history, credit cards and bill payments before the mortgage offer is given.  The affordability test is key.

Are you searching for a 25,000 personal loan without a second charge?

The key issues with a loan for 25k are the short loan term, the impact of CCJs, the home valuers’ forced sale price and the evidence of payday loans on bank statements.

Are you searching for a mortgage rate on a second home without a second charge on your home?

The main issues with second charge mortgage rates are the score from the credit check, the impact of CCJs, the discounted property valuation and the insufficient personal income.

Are you searching for fixed rate second mortgages with lower interest repayments?

The key characteristics of secured loans with a fixed interest rate are the risk of losing your home, the impact of secured loan arrears, the delays in the lender’s valuation and the evidence of too many credit applications.

Are you considering a homeowner loan with no phone calls at a low interest rate?

The main features of homeowner loans no phone calls are set up costs, the impact of secured loan arrears, the 3rd party valuation of the property pledged as collateral and insufficient personal income.

Are you looking for bad credit loans for homeowners for debt consolidation?

The key features of a homeowner secured loan bad credit are intolerant eligibility criteria, the effect of secured loan arrears, the 3rd party valuation of the home pledged as collateral and the evidence of payday loans on bank statements.

Considering a fast, secured loan, poor credit even with bad credit?

The key features of secured loans for bad credit UK are the servicing of existing credit card debt, the effect of CCJs, the home valuers’ forced sale price and insufficient personal income.

How quickly can I get a remortgage?

If you can prove you can easily afford the mortgage repayments and there are poor credit remortgage deals that stack up with your property’s value, the mortgage amount can be released to you in about 4 weeks.

What if I want a low mortgage payment with the mortgage balance does not go down?

If you want to remortgage with an interest-only remortgage, the mortgage market is a bit thin for these products.

What should I do to establish if it is possible to remortgage?

You can check your credit files and try and find a mortgage provider that fits your credit profile with the credit agencies, but expert advisers will be able to work out the best options for debt consolidation or getting a better interest rate.

With the help of a specialist mortgage advisor, what is the time period between the remortgage application, the remortgage offer and the standard remortgage completion?

The time periods are 2 weeks, plus 2 weeks generally with the right lender.

The worst-case for the return to clean credit is six years.

If I am able to remortgage what are the risks?

If your individual circumstances change and you start making late payments, lenders will consider county court action against you, which could affect your credit.  It would help if you kept up repayments for debts against your home.  You should think carefully before securing debts on your home, as your home may be repossessed.

What will come first in the mortgage advice process, the affordability assessment or the appointed representative property value consultation?

The affordability checks will come first then the property valuation.

Will the mortgage providers’ remortgaging deal paperwork be provided to me by the specialist broker?

Yes, the terms of the formal mortgage offer will be clear and the lender fee should be visible.

What if my credit reports show county court judgements for my trading name?

Some mortgage deals will be more concerned about the value of the property and less concerned about what the credit agency says about your past.

What are some good tips to get a positive lending decision for a poor credit remortgage application?

One of the first things specialist brokers will tell you is not to lie on your application.

Can you remortgage with a poor credit score?

Yes, a remortgage with bad credit can be achieved subject to your affordability and valuation.

What stops you from getting a remortgage?

Generally, a remortgage with bad credit usually doesn’t go through because you have insufficient or unstable personal income.

Why would you be refused a remortgage?

If you have fraud flags in your credit file if you are an undischarged bankrupt or if you have insufficient income or home valuation for the loan to value.

Can you remortgage if you have debt?

Yes, you can even consider a Halifax remortgage with bad credit as long as you can afford the repayments.

Can I remortgage with bad credit?

Yes, you can remortgage with bad credit subject to your income, property valuation and other personal circumstances.

Can you get a mortgage with bad credit history?

Yes, with a small amount of bad credit history, your rate won’t be far off the rates offered by prime-only lenders.

How to Get a Remortgage With Bad Credit Mortgage Arrears?

Firstly you get a bridging loan, and then after 3 months of no arrears, you get a remortgage to a lender like precise.

How Can I Get the Best Rates on a Bad Credit Remortgage?

The best way is to get a local mortgage broker to study your circumstances and property value.

What happens if I need to remortgage with bad credit?

All you need to do is go to an independent mortgage advisor so they will find you the best rate available.

How can I get a mortgage with bad credit?

Yes, there are many lenders that lend to people with a poor credit history, but they are very fussy about affordability. A remortgage bad credit can be completed in around 5 weeks.

How to remortgage with bad credit?

Your best options are to find a local broker to help you work out which lenders will accept your application.

Can you remortgage with bad credit history?

Yes, you can as long as you have enough income and your loan to value is not too high.

Try to make sure you only get advice from an FCA-authorised and regulated individual.