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Bad credit remortgages

A remortgage means arranging a new deal for your mortgage with the same or a different provider. Your home may be at risk if you do not keep up on repayments.

Remortgaging means paying off your mortgage by borrowing under new terms. While it may help bring down your monthly outgoings, you still need to ensure you can make repayments on time or risk losing your home.
  • Remortgages are secured against a high-value asset such as your home

  • Remortgaging can sometimes lower your monthly repayments

  • Where a potential loan doesn’t help significantly, you may be better off under your current deal

  • Falling behind on repayments could put your asset at risk

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Remortgaging with bad credit

Trying to arrange finance such as a remortgage with bad credit history can be difficult. Your credit score will have been affected when you fell behind on mortgage or loan payments, but a bad credit remortgage can help reshape your month-to-month situation. 

We source remortgages from a comprehensive list of lenders to help those with bad credit history, and our expert team is on hand to advise and assist you through every stage of the process.

Your credit history

Some lenders won't approve applications for remortgage because of a borrower’s poor credit history – it means there’s a higher chance that you won’t be able to afford repayments in the long run. 

While this is incredibly frustrating, there are a few things you can do to improve your credit score before applying for your remortgage. You can repair your history of adverse credit by getting back on track and creating a pattern of regular payments. Also, end any financial associations that are negative and be honest at all times - trying to hide bad credit won't work in your favour. 

Find out more about getting your credit score in good shape on our Know How blog

Commonly asked questions about bad credit remortgages

There are a number of questions to ask when deciding whether a bad credit remortgage is the right path to take for your situation. Find out more below.

How long are the repayment terms?

We offer repayment terms ranging from three to 30 years, meaning you can choose the right product for you and your situation. What you decide is entirely dependent on your circumstances. Our knowledgeable team will be able to help guide you through the process.

Do I need a valuation?

Yes, we will need to arrange a valuation on your property to discover its current worth. Once we have this figure, we’ll then have a better idea of how much you will be able to borrow. This valuation figure then means you can search for an affordable deal from our range of lenders.

What are the interest rates?

Interest rates from bad credit mortgage lenders may be higher than those for borrowers who have good credit scores. The interest rate you’re offered will depend entirely on your financial situation. Rates begin at 1.38%, and the flexibility of choice from our panel of lenders means you'll be able to find the most suitable rates possible.

Are there any loan fees?

We obtain our commission from the lender, not the customer, as we're a broker and not a bank. We don't charge broker fees on unsecured loans. We may charge a broker fee of 7.5% of the original loan amount, but that’s always capped at £2,000. 

Applying for a remortgage

When it comes to getting a bad credit score remortgage quote, there's much to consider. It's because of this we've tried to create a process that's as simple as possible for all homeowners.

First figure out how much you'd like to borrow, then use our straightforward remortgage calculator. This will help you come to a decision as to whether remortgaging is what you need.

After we've collected all your details, we'll help you navigate the next steps.

How much can I borrow?

You can borrow between £3,000 and £500,000 when remortgaging with the help of Norton Finance. With our vast panel of lenders, you'll feel the benefits of flexibility and have options to choose from. Our expert team will help you through each stage and work with you to discover the best product for your circumstances.

Why remortgage with bad credit?

There are many reasons for remortgaging when you have bad credit, from consolidating your debts, to making improvements on your home.

Computer

Debt consolidation

Move loans and credit card balances into one single debt.
Building

Urgent repairs

Free up funds in order to make urgent repairs to your home or car.
Van

Lump sum

Release equity in your property in a lump sum to repay debt and give you peace of mind.
Staff

Home improvements

Create your perfect space for living with renovations, and potentially increase the value of your home.

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