Remortgage With Bad Credit

Remortgaging may give someone the opportunity to get their finances back on track. Primarily used for paying off other debt, remortgaging is increasingly popular in the UK. With the costs of living growing and debts being common – a remortgage may be a viable option for certain people. 

In short, remortgaging allows homeowners to move their current mortgage to another lender. Doing so can help release equity from their home. Proper Finance understands that not everyone has the perfect credit score or financial history. Therefore, we help people remortgage even with bad credit. 

To remortgage with bad credit, contact Proper Finance today. We have access to leading lenders for both mortgages and other types of personal loans in the UK.

How Does Remortgaging Work?

Remortgaging enables people to switch their current mortgage deal to another, more financially beneficial one. People can remortgage either with their current lender or with another. This typically occurs when a mortgage is at the end of its term and switching could be more advantageous in terms of interest rates. However, remortgaging is also a viable solution for: 

• Debt consolidation 
• Raising capital (for any desired large expense) 
• Buy-to-let purchases (homeowners let out the property to buy another) 
• Relationship breakdowns (so one partner can have their share) 
• Equity Release (e.g. for investments or home projects) 

If your credit score is severe, then it may be best to wait and try and improve it first. Additionally, some applicants’ credit scores and general finances may not be suitable for a remortgage. 

Nevertheless, remortgaging even with bad credit is possible via Proper Finance. We work with reputable and competitive lenders who could find you the best remortgage deal. 

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What Is Bad Credit? 

Before remortgaging with bad credit it is important to understand your credit score. In general, a credit score is a 3-digit number which represents a person’s creditworthiness. Credit reference agencies will scale a person’s credit numerically and use their own systems to do so. The worse a credit score, the lower the number and vice versa. 

Having a bad credit score can impact a person’s ability to secure a loan because it indicates that they are a potential risk to lenders. But, an individual’s credit score is not the be-all and end-all for remortgaging. 

Mortgage lenders will take a person’s credit score into consideration when assessing their eligibility for a mortgage loan – but, they will also look at other factors. For instance, if a person can prove that they have been rebuilding their credit score or getting their finances back on track then it can help.

How Do I Know If I Have a Poor Credit Score? 

A poor or bad credit score has no set number. Generally, a poor credit score will fall within the range of 560 – 720. Meanwhile, a very bad credit score tends to be between 0 – 560. However, keep in mind that a poor, or bad, credit score will vary by credit reference agency and lender. 

You can find out your credit score for free online. The score will take into account your previous payments (whether they are paid on time), your credit utilisation rate (how much credit you have and if you are using it) and the types of mixed credits you currently have. 

If you are considering remortgaging yet are unsure whether your credit score is bad, contact us. Our friendly team can help! 

Can I Remortgage with Bad Credit? 

Having a bad credit score will limit a person’s ability to secure a remortgage. However, it is still possible to secure one even with adverse credit or history. At Proper Finance, we have built a network of the best lenders in the UK who can offer remortgages for bad credit. 

The lenders we work alongside will have their own eligibility and affordability criteria. But, before we match you to a lender you will need to meet our minimum criteria. To start a remortgage application with Proper Finance, you will need to:

• Be 18 years old + 
• Live in the UK 
• Be in regular employment (typically earn at least £15,000 per year) 

Apply by filling out our online loan enquiry form. You may also need to provide more information in the next stages of the remortgage application. 

Can I Remortgage Without a Credit Check? 

There is no guarantee that you can remortgage without a credit check. Many lenders use credit checks to assess an applicant’s ability to repay the loan. If you are, for example, remortgaging with a different lender then it is most likely a credit check will undergo. However, you can still secure a competitive remortgage deal with Proper Finance even with bad credit. 

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Why Choose Proper Finance for Remortgaging? 

Proper Finance is experienced in finding different types of people the right loan. Whether you want to remortgage, access a mortgage with bad credit, secure a homeowner loan for home improvements or want to get a personal loan – everything is possible and done properly with us. 

By choosing Proper Finance we offer: 

• A fast & free service 
• Access to leading lenders for remortgaging 
• Specialist solutions for bad credit 

Our customers come first at Proper Finance. So, if you would like to remortgage your property quickly and efficiently yet have bad credit – contact us, we can help no matter how complex the situation may be.