Remortaging With Bad Credit
If you need to remortgage your home and have a bad or adverse credit then we may be able to help. We have access to all the lenders and mortgage deals available including lenders that provide mortgages to applicants with an adverse credit history and a low credit score. Use the comparison tools here or speak with a mortgage expert today.
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60% - 100%
1.19% - 4.32%
Standard Rate (SVR)
3.94% - 4.79%
Variable & 3 ,5 & 10 Fixed Rate
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Are there any mortgages available for people with bad credit?
If you went back to 2007 you would find that lending to people with bad credit was seen as a lucrative area of the lending market and that loans were very widely available. As the credit crunch hit, these loans have gradually grown far fewer in number as lenders have become a lot more risk averse. Therefore you will find that mortgages available to people with poor credit histories are now limited in number.
What is the reality of finding a mortgage with a poor credit history?
Although it is possible to find a mortgage if you have a poor credit rating, it is a lot more difficult than for someone with a good credit rating. Even then, it will depend on the exact reasons for your poor credit rating as some types of debt are viewed as carrying a higher risk than others.
What can I do to improve my chances of getting a mortgage?
Even if you only think you have a poor credit rating it is worth getting a copy of your credit report so that you can see exactly what is bringing your score down. The very first thing you will need to do is to make sure that everything on there is actually correct. Something that will not work in your favour is making multiple applications for mortgages with a range of lenders. Therefore it is worth getting independent financial advice about how to best proceed with a mortgage application as they will already have a good idea of whether you will be accepted or not. If you need to get a potential lender to do a credit check you can ask them if they are willing to carry out a quotation search rather than a credit check as this will not leave a footprint and will give you a good idea whether your application will be accepted.
What can I expect from a bad credit mortgage?
If you have a bad credit rating you will be viewed by mortgage lenders as presenting a larger lending risk to them than someone with a better credit rating. Therefore if you are going to find a mortgage with a bad credit rating you will generally be expected to have a larger deposit. You will find that lenders will restrict the amount that they may be willing to lend you. The maximum that you will be allowed to borrow will be 80% of the value of the property, however you should be aware that some lenders will only allow you to borrow up to 60% of the value of a property.
You will also find that the mortgages available to those with poor credit histories will also have higher rates of interest associated with them and that you will have fewer mortgages to choose from. The same rules apply to bad credit mortgages as they do to all mortgages, the bigger the deposit you are able to put down, the better the rates you can find.