Jason Bailey

Expertly compared by Jason Bailey

Products Updated January 24, 2021

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.

Free mortgage advice and brokerage service. Our experts can find you the perfect deal from thousands of products & exclusive deals:

Your home may be repossessed if you do not keep up repayments on your mortgage.

Results:1 providers expertly compared:

Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

FAQ

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.

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.

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.

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.

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