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Adverse Credit

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With Adverse Credit

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Whether you’ve missed payments, have defaults or are facing other credit issues, life can sometimes take unexpected turns. But these challenges shouldn’t impact your ability to apply for a remortgage. At Lightbulb Lending, we know that life doesn’t always go according to plan, which is why we’re here to guide you through the remortgaging process, even with adverse credit. We can help you navigate the remortgaging journey with confidence, so contact us today for your FREE consultation.

Remortgaging with Adverse Credit Is Still Possible

Don’t let financial difficulties prevent you from applying for a remortgage. We work with lenders who understand that life events can impact your credit score. We’re here to make your homeownership goals a reality.

Lightbulb Lending | Mortgage Services | Insurance Services
Lightbulb Lending | Mortgage Services | Insurance Services

Understanding Remortgaging with Adverse Credit

Remortgaging is when you transfer your current mortgage to a new lender, usually to secure a better interest rate or to access additional funds. Many homeowners choose to remortgage their properties when their fixed-rate mortgage is coming to an end. If you don’t remortgage at this stage, you could be moved onto your lender’s Standard Variable Rate (SVR), which is often significantly higher. To avoid increased costs we recommend starting the remortgage process 3-6 months before your current deal expires.

How does remortgaging work?

When you remortgage your property, you are essentially replacing your current mortgage with a new one, either from the same lender or a different one. The new mortgage provider pays off your existing loan and any associated fees, and you begin making repayments to them instead.

If you have adverse credit, it may make the process of remortgaging more challenging, but not impossible. The new lender will assess how credit-worthy you are, the amount you want to borrow, the terms of the loan and your ability to meet the new monthly repayments. At Lightbulb Lending, we work with several lenders who consider your complete financial history, ensuring that your remortgage application has the best chance of success.

Tips for Improving Your Credit Score Before Remortgaging

There are several things you can do to improve your credit score before remortgaging including:

  • Ensuring that your credit report is accurate and up-to-date.
  • Register with the electoral role to positively impact your credit score.
  • Pay your bills on time to demonstrate financial responsibility.
  • Keep your credit card balances below 50% of their limits.
Lightbulb Lending | Mortgage Services | Insurance Services
Lightbulb Lending | Mortgage Services | Insurance Services

How can Lightbulb Lending help?

At Lightbulb Lending, we want to make your property dreams possible, even if you have adverse credit. We work with a wide range of lenders, including those who do not rely on credit scoring and are more flexible in their lending criteria. Armed with years of experience, our services are backed by fast turnaround times, 5★ customer service and FREE no-obligation consultations and quotes. Contact us today to start your journey to remortgaging your home.

Mortgage Experts

We have years of expertise in remortgage solutions for clients with impaired or adverse credit.

FREE Consultations

We never want to add to your money worries, so we offer FREE consultations and obligation-free quotes.

Personalised Service

We work to understand your circumstances, ensuring we match you with the right lender.

FAQs

What is a remortgage?

A remortgage is the process of switching your existing mortgage to a new lender or product.

Can I remortgage with bad credit?

Yes, many lenders offer remortgage products specifically designed for those with adverse credit. Contact us for more information.

When should I start the remortgage process?

You should ideally start the remortgage process ideally, 3-6 months before your current mortgage deal ends.

Can I consolidate debt with a remortgage?

Yes, remortgaging can allow you to consolidate unsecured debts into your mortgage.

Will remortgaging save me money?

Remortgaging can save you money, particularly if you’re switching from a high SVR to a lower fixed rate.

What fees are involved in remortgaging?

Common fees for remortgaging include arrangement fees, valuation fees, and legal fees.

Can I change my mortgage term when remortgaging?

Yes, you can choose to shorten or extend your mortgage terms when remortgaging.

How does my credit score affect remortgaging?

A higher credit score can improve your chances of securing a favourable deal.

Is it possible to release equity when remortgaging?

Yes, you can release equity to fund home improvements or other expenses.

Can I remortgage if I'm self-employed?

Yes, but you may need to provide additional documentation to prove your income.

What should I do if my remortgage application is rejected?

The most important thing is not to be discouraged. We will work with you to explore other lenders who may be more suited to your financial situation.

Take the First Step To Your Dream Home Today

We believe that everyone deserves a chance to own their dream home on their own terms. So if you’re worried about remortgaging due to adverse credit, please don’t hesitate to contact Lightbulb Lending today.

Lightbulb Lending

Get In Touch

Finding the right mortgage is key to managing your finances and achieving your homeownership goals, whether you’re a first-time buyer or remortgaging.

Lightbulb Lending | Mortgage Services | Insurance Services

Phone :

01245 379977

Lightbulb Lending | Mortgage Services | Insurance Services

Email :

info@lightbulblending.co.uk

Lightbulb Lending | Mortgage Services | Insurance Services

Address :

North Fambridge, Essex, CM3 6FS

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    Lightbulb Lending is a trading style of Simply Lending Solutions Limited Registered in England & Wales. Company No 09676170.

    Simply Lending Solutions Limited, registered address: Barn 12, Runwell Hall Farm Hoe Lane Rettendon Common Chelmsford Essex CM3 8DQ. Authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register No 745164 at https://register.fca.org.uk/. The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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