Can you get a remortgage with bad credit?
A bad credit remortgage works like a standard mortgage, but you'll pay higher interest rates and charges. You can choose from fixed, variable and discounted rates.
If you want to switch mortgages but have a bad credit history, you could find a remortgage deal by using this comparison. You can also improve your credit rating by:
Building your credit rating, e.g. with a credit building card
Repaying loans, mortgages or credit cards on time
Staying within your credit card and overdraft limits
Making sure your address is up to date
Registering to vote so you are on the electoral role
Alternatively, speak to a mortgage broker who could help you find a bad credit remortgage deal in your area.
If you want to change mortgages but are tied into an existing deal, e.g. one year into a 3-year fixed rate deal, you could face charges. Check with your lender before you decide.
Find out more on remortgages here
What are your options if you have adverse credit?
The first thing you should do is check your credit record so you can see if there is anything you can do to improve your credit.
If your credit is not as bad as you originally thought, you could compare from a wider range of remortgage deals.
However, if your record shows you have poor credit, your options are:
Stay on your lender's variable rate: You do not get credit checked, but it may leave you on a higher rate than you could get by remortgaging.
Remortgage with your existing lender: If you have never missed or been late with a mortgage payment, your lender may let you switch to a better deal.
Remortgage with a new lender: Only apply for a mortgage deal that considers bad credit applicants, or your chance of rejection increases.
If you apply for a new mortgage deal but the lender rejects your application due to bad credit, you can stay on your existing lender's variable rate.
