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Bad Credit Remortgage

Whether you’ve missed payments, have defaults or are facing other credit issues, life can sometimes take unexpected turns. But despite these challenges, you can still apply for a bad credit 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 process of your bad credit remortgage. We can help you navigate the bad credit remortgage journey with confidence, so Contact us for your FREE consultation.

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    A Bad Credit Remortgage is Still Possible

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

    Understanding Remortgaging with Bad 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 a bad credit remortgage 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 apply for a bad credit remortgage, 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 bad credit, it may make the process of remortgaging more challenging. But you can still apply for a bad credit remortgage. The new lender will assess your bad credit remortgage including 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 bad credit remortgage application has the best chance of success.

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

    Tips for Improving Your Credit Score Before Remortgaging with Bad Credit

    There are several things you can do to improve your credit score before applying for a bad credit remortgage 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.

    How can Lightbulb Lending help?

    At Lightbulb Lending, we want to make your property dreams possible, even when applying for a bad credit remortgage. 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 home ownership.

    Lightbulb Lending | Mortgage Services | Insurance Services

    Mortgage Experts

    We have years of expertise in helping clients succeed with their applications for a bad credit remortgage.

    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 bad credit 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 a bad credit remortgage specifically designed for those with adverse credit. Contact us for more information.

    When should I start the remortgage process?

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

    Can I consolidate debt with a remortgage?

    Yes, a bad credit remortgage can allow you to consolidate unsecured debts into your mortgage.

    Will remortgaging save me money?

    A bad credit remortgage 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 a bad credit remortgage 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 applying for a bad credit remortgage.

    How does my credit score affect remortgaging?

    A higher credit score can improve your chances of securing a favourable deal when applying for your bad credit remortgage.

    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?

    If your bad credit remortgage application is rejected, you must not 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 applying for a bad credit remortgage, please don’t hesitate to contact Lightbulb Lending today.

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    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

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    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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