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Remortgage with Bad Credit in Manchester

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Remortgage with Bad Credit in Manchester

We#ve worked with many mortgage lenders, on and off the high-street, that have lending criteria aimed towards helping people remortgage with bad credit in Manchester.

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Remortgage with bad credit in Manchester

Having bad credit doesn’t mean it’s impossible to remortgage. We work with a large panel of mortgage lenders, on and off the high street, who lending criteria aims towards those looking to remortgage with bad credit in Manchester.

As a trusted mortgage broker in Manchester we have helped hundreds of people with low credit scores in remortgaging their homes for a variety of purposes. These reasons include, to get a new fixed rate deal, raise capital, to repay debts, and to fund home improvements.

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Remortgage with Bad Credit in Manchester

How to remortgage with bad credit in Manchester?

Many clients often attempt other avenues before reaching out to us. Be careful when doing so, as multiple mortgage searches on your credit report can potentially lower your score further!

One of the key advantages of choosing us is that we offer a free remortgage appointment around Manchester and surrounding areas for mortgage advice in Manchester. It typically lasts about 25 minutes, during which we’ll explore all available options tailored to you.

If you haven’t got an up-to-date copy of your credit file, click here as this is a great one to use as it searches all 4 of the credit reference agencies and it’s a free trial.

Types of Bad Credit Remortgage in Manchester

During your free appointment, our mortgage advisors in Manchester will need to look at your individual situation and find the best remortgage for you, don’t worry as it is likely that we’ll be able to help with most types of bad credit.

Examples of bad credit include a remortgage with a CCJ (county court judgement), a DMP (debt management plan), a default, missed or late payments, an IVA (individual voluntary agreement) or even a bankruptcy.

Speak with one of our mortgage advisors in Manchester today to find out your remortgage with bad credit options.

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Remortgage with Bad Credit FAQs

What is a remortgage with bad credit?

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A remortgage with bad credit involves switching your current mortgage to a new one, typically with a different lender, despite having a poor credit history. This can be a way to secure better terms or release equity in your property despite credit challenges.

What is the minimum credit score for a remortgage?

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There isn’t a fixed minimum credit score for a remortgage as it varies between lenders. Generally, a higher credit score improves your chances of approval and favorable terms, but some lenders specialise in working with borrowers with lower credit scores.

Can I get a buy to let remortgage with bad credit?

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It’s possible, but it might be more challenging. Some lenders may have stricter criteria for buy to let mortgages, especially regarding credit history. However, there are specialist lenders who may consider applications from landlords with adverse credit.

Can I remortgage with bad credit?

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Yes, you can remortgage with bad credit, but it might be more difficult and you may have fewer options compared to someone with good credit. Specialist lenders exist who cater to individuals with adverse credit.

How does bad credit affect my ability to remortgage?

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Bad credit can make it harder to remortgage as it indicates a higher risk to lenders. You may have fewer options available, and those that are available may come with higher interest rates or less favorable terms.

What are the advantages of remortgaging with bad credit?

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Remortgaging with bad credit can help consolidate debts, reduce monthly payments, release equity, or improve overall financial management. It can also provide an opportunity to improve credit over time with timely payments.

What are the disadvantages of remortgaging with bad credit?

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Disadvantages may include higher interest rates, fees, or stricter terms. Additionally, if you’re unable to keep up with payments, it could further damage your credit and put your home at risk of repossession.

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Our Simple Remortgage Process

Free 30-Minute Remortgage Review

Step 1

Our mortgage advisors in Manchester will review your current mortgage terms, including the interest rate, remaining balance, and repayment schedule.

We Can Search 1000s of Remortgage Deals

Step 2

Our team will search through thousands of remortgage products to find the most suitable remortgage deal for you.

Submit Your Remortgage Application

Step 3

Once you have accepted the offer, your dedicated we will submit your full mortgage application and forward all supporting documents to the lender.

Protecting You and Your Mortgage

Step 4

We will also contact you when your next remortgage in Manchester is due for renewal, ensuring you are on the most suitable mortgage deal and insurance products.

Reasons to Choose us

Free Remortgage Review

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We are a team of dedicated and hard-working professionals who are committed to helping our customers find the most suitable mortgage deal for their unique situation. One of the key advantages of choosing us is that we offer a free remortgage appointment in Manchester and surrounding areas.

1000s of Remortgatge Deals

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With access to 1000s of specialist and unique mortgage products, we have the ability to find the most suitable mortgage deal that matches your individual needs and circumstances. We take pride in providing fast and friendly mortgage advice in Manchester, and we are committed to helping our customers achieve their property goals.

Our Service

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We strive to provide the highest levels of customer satisfaction, and we are always looking for ways to improve our services and exceed our customers’ expectations. To schedule a free remortgage appointment with our trusted mortgage advisors in Manchester, simply get in touch with us today.

7 Days a Week

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Our team of mortgage advisors in Manchester are available 7 days a week, from early mornings until late at night, and we offer bookable appointments that can be scheduled at a time that works for you – whether that’s during your personal or professional life.

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Common Remortgage Scenarios

Remortgage with a CCJ (County Court Judgement)

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Remortgaging with a CCJ is possible, but it may be challenging. A County Court Judgement indicates a history of missed payments or defaulted debts, which can make lenders hesitant. However, specialist lenders exist who may consider applications from individuals with CCJs, especially if the CCJ is satisfied or if there are mitigating circumstances.

Remortgage with a Default

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Remortgaging with a default, similar to a CCJ, is feasible but may present challenges. Defaults on your credit file indicate a history of missed payments or financial difficulties, which can affect your eligibility for a remortgage. Specialist lenders who specialise in adverse credit may offer solutions, although terms and rates may be less favorable.

Remortgage with a Debt Management Plan

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Remortgaging with a Debt Management Plan (DMP) is possible, but it may be more complicated. Lenders typically assess the affordability and stability of your financial situation when considering a remortgage. While being on a DMP shows proactive steps to manage debts, lenders may look at your credit history and require additional documentation to assess the risk.

Remortgage with Missed Payments

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Remortgaging with missed payments on your credit file is possible, but it depends on the severity and frequency of the missed payments. Lenders may overlook isolated missed payments, especially if there are valid explanations, but frequent or recent missed payments can signal financial instability, making it harder to secure a remortgage.

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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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