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Remortgaging With Bad Credit

Deedle Finance can help you find the best rates for remortgaging your property even if you have bad credit or no credit history. We work hard to understand your needs and find you the best deals.

Our mortgage advisers can help you to remortgage your property even if you have poor credit. We are determined to help you to get the best rates as soon as possible!


Begin Your Remortgage Journey Today

How To Get A Remortgage With Bad Credit

Step 1
Complete Deedle's Form
Enter key details on our online form including your full name, date of birth, contact information and requirements.
Step 2
Receive A Callback
Upon submitting the form, you can expect a prompt callback from our skilled professionals who will guide you through the remortgage procedure.
Step 3
Check If You Qualify
Our advisors will request essential details like your yearly earnings, which are used to determine your borrowing capacity and discover optimal interest rates.
Step 4
Receive Your Loan
Once we have found a loan to suit your borrowing requirements, our advisers can submit your mortgage application and help you get sorted ASAP!
Can I Remortgage if I Have Bad Credit?

Can I Remortgage if I Have Bad Credit?

Yes, it is absolutely possible to remortgage even if you have bad credit. Deedle can match you with a lender no matter what you credit score may be.

However, the availability of options and the terms you may receive could be limited. Lenders consider your credit history as a key factor in assessing your risk as a borrower, so having bad credit may result in:

  • Less options
  • Higher interest rates
  • Stricter borrowing conditions

How Does Bad Credit Affect My Remortgage Options?

Lenders will carefully assess your credit score, payment history, and overall creditworthiness when considering your remortgage application.

Bad credit can impact your remortgage options in several ways, including:

  • Limit the number of lenders willing to work with you
  • Restrict the loan-to-value (LTV) ratio you can access
  • Result in higher interest rates
How Does Bad Credit Affect My Remortgage Options?

Types Of Remortgage Products Available With a Poor Credit Score

Fixed Rate Remortgage

With a fixed rate remortgage, the interest rate is fixed for a specific period, usually between 2 and 10 years. This means your monthly mortgage payments remain the same during the fixed term, providing stability and predictability. It can be a great choice if you prefer budgeting with a consistent payment amount.

Variable Rate Remortgage

A variable rate remortgage has an interest rate that can fluctuate over time. It is often linked to a base rate, such as the Bank of England Base Rate, and can go up or down. This allows buyers to benefit from lower interest rates if they decrease, but they may be saddled with higher payments if rates increase.

Discounted Rate Remortgage

A discounted rate remortgage offers a reduced interest rate for a specified period, typically for the first few years of the mortgage term. The discount is applied to the lender’s standard variable rate (SVR). While it can provide initial savings, keep in mind that the rate will eventually revert to the higher SVR.

Get The Best Rates For Remortgaging

Why Should I Get A Remortgage With Deedle?

At Deedle, we understand the anxiety that can come with remortgaging a property, and we’re here to offer our expert assistance. Our committed team of mortgage advisors will guide you every step of the way, starting from the initial consultation until the day your remortgage is arranged. We handle all the necessary paperwork, liaise with lenders on your behalf, and ensure a seamless process, saving you time, stress, and energy.

Whether you have a less-than-perfect credit history, are self-employed, or even in retirement, our team of knowledgeable experts is here to assist you in finding the perfect mortgage solution for your needs. With our extensive experience in the mortgage industry, we meticulously search through a vast array of mortgage deals to identify the one that best suits your specific circumstances and requirements.

What Steps Can I Take To Improve My Chances of Remortgaging With Bad Credit?

While improving your credit score takes time, there are steps you can take to enhance your chances of remortgaging with bad credit:

  1. Review your credit report: Get a copy of your credit report to identify any errors or inaccuracies that may be affecting your score. If you spot any, report it to make sure it gets changed.
  2. Address outstanding debts: Make efforts to repay or reduce outstanding debts. This shows lenders that you are actively managing your finances.
  3. Pay bills on time: Ensure that you make all your current credit payments on time, as late payments can further impact your credit score.
  4. Reduce credit usage: Keep your credit card balances low and aim to use no more than 30% of your available credit limit.
  5. Seek professional advice: Consult with a mortgage broker who specialises in bad credit remortgages such as Deedle. We help people with bad credit to remortgage their homes at the best possible rates.

Find The Cheapest Remortgage Deals

What Type of Remortgage Options Are Available for Individuals With Bad Credit?

Although options may be limited, there are remortgage products available for individuals with bad credit. Some possible options include:

  1. Bad credit specialist lenders: These lenders specialise in providing mortgages to individuals with adverse credit histories. They assess your overall financial situation and may offer more flexible terms compared to traditional lenders. Deedle works with lenders who help people who have all sorts of credit scores.
  2. Secured remortgages: If you own a substantial amount of equity in your home, you may be able to secure a remortgage by offering your property as collateral.
  3. Guarantor mortgages: Having a family member or close friend act as a guarantor for your mortgage could help improve your chances of remortgaging with bad credit. The guarantor’s good credit rating and income stability can strengthen your application.

What Are the Risks of Remortgaging With Bad Credit?

Remortgaging with bad credit can be a great option but it also carries certain risks that you should be aware of:

  • Higher interest rates: Lenders may offer you higher interest rates due to the perceived higher risk associated with bad credit.
  • Limited options: Your choice of lenders may be restricted, limiting your ability to find competitive rates and terms.
  • Potential fees and costs: Remortgaging involves various fees, such as
    • Valuation fees
    • Arrangement fees
    • Legal fees.
  • Asset repossession: Failing to make repayments on your remortgage could lead to repossession of your property. You need to make sure you can actually afford remortgaging your home.

Frequently Asked Questions About Bad Credit Remortgages

Should I Consider Using a Mortgage Broker When Remortgaging With Bad Credit?

Yes, brokers who specialise in bad credit remortgages can be extremely helpful. Brokers like Deedle have access to a wide range of lenders and can help you navigate through the complexities of remortgaging with bad credit. We can even negotiate on your behalf to secure the best terms possible. Our expertise can save you time, simplify the process, and potentially increase your chances of approval.

Will I Need a Co-signer or Guarantor to Remortgage With Bad Credit?

No, but having a co-signer or guarantor can improve your chances of remortgaging with bad credit. A co-signer is jointly responsible for the mortgage repayments and shares the risk with you. A guarantor, on the other hand, provides a financial guarantee to the lender, promising to cover the repayments if you fail to do so.

Can I Remortgage With Bad Credit if I Have Previously Been Declared Bankrupt?

Yes, eventually. Most lenders will require a period of time to have passed since your bankruptcy discharge, typically a minimum of 3-6 years, before considering your remortgage application, but it is possible.

Will I Need to Provide Additional Documentation When Remortgaging With Poor Credit?

Yes, when remortgaging with bad credit lenders may require additional documentation to assess your financial situation more thoroughly. This may include bank statements, proof of income, proof of employment and details of your outstanding debts.

If you are remortgaging a Help to Buy home, you may need to check the page about how to navigate this.

Can Remortgaging With Bad Credit Help Improve My Credit Score?

Yes, it can have a positive impact over time. Demonstrating responsible financial behaviour can gradually improve your credit score, making it easier to access better mortgage terms in the future. However, you should not take out a remortgage for the purpose of improving your credit score as this is a huge commitment.