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Remortgage with a Bad Credit Rating 

by Gary Preston  of remortgage-advice.info

It seems like nobody is willing to offer you credit. You’ve tried the high street lenders, and have seen the unbelievably low rates on offer. Why won’t they offer you these same great rates? The answer is simple, it’s likely that you have a poor (otherwise know as adverse) credit rating. 

bank note wrapped around man with tight rope around waist Remortgage lenders need to know that you are in the position to repay any credit (with the added interest).

Put in a crude way they are effectively evaluating you to see if you are a safe bet.

As part of any credit application remortgage providers will request a detailed background credit check. 

These credit records are in effect a detailed report of your financial credit history. 

  • What loans \ mortgage do you currently have?
  • What is the history making repayments? 
  • Have any payments been missed in the last 12 months?

and so on.

In addition to the above, each and every lender will set their own criteria to “score” a persons credit worthiness. Typical factors taken into consideration are:-

  • How old is the person apply for credit?
  • Does the applicant own their own home? 
  • How long have they lived at this address? 
  • Are you in full-time employment? 
  • What is your annual salary? (If you have a variable income then you might be labelled as a higher credit risk). 


So why do you have a bad credit rating?

It may not seem fair to you but the reality is that mortgage lenders have to analyse the risk of lending to you. Here are some factors that may contribute to your poor credit rating which in turn results in you getting turned down by lenders. 

  • You are facing bankruptcy or have already been declared Bankrupt.
  • You are recently self employed with no accounts to prove your income.
  • You are currently committed to an Individual Voluntary Arrangement (IVA).
  • You are too old or you only have pension income.
  • You have County Court Judgments (CCJs).
  • You have mortgage payment arrears.


Can you get a remortgage with adverse credit?

You’re trying to resolve your money worries but lenders are not even considering you. Don’t worry, you are not alone.

Firstly there are lenders who are willing to arrange remortgages for people with a bad credit rating, however bear in mind that the rates that they offer may be higher than those offered by other lenders. This is entirely down to their higher perceived risk of lending to you.

tiny man in front of large door with Loan Dept on door

Take comfort in the knowledge that specialists are available who deal exclusively with helping people with adverse credit. Their role is not to pass judgment on your financial situation whatever the reason for you wanting to remortgage. 

  Hints and Things endeavours to provide general information in relation to various financial products. We hope you find this information useful. In no circumstances should the information we provide be construed as Hints and Things providing you with specific advice in relation to your own circumstances, or on the suitability for you personally, of any product or service referred to in this article.







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