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Why remortgage? There are many reasons why you may want to consider a remortgage, even if you have bad credit. You may just need a better interest rate, which could save you money each month or give you security of payment. Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.
Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.
New monthly payment:
There are a lot of changes with rates at the moment. It is worth contacting us for a free chat for us to understand your requirements and find the best rate on the market for your circumstances.
4 simple steps for applying for a mortgage. See more about the mortgage application process here
Let us know a few details about the mortgage you require
One of our brokers will call and get a few more details of your requirements
We will search the market for the best rates for your circumstances
We will secure a DIP with a lender, if you approve we move forward with a full application.
We have answered all your questions hopefully, but if there is anything you still need to know, please call us on 0330 232 0285
A remortgage is made up of two parts:
Repayment mortgage: you pay back the capital and the interest together in one monthly payment. Over the duration of the mortgage your balance will get smaller and your mortgage will be paid in full by the end of the term – usually 25 years. This is the most common type of mortgage.
Interest only: you start paying back the interest on your mortgage on a monthly basis. At the end of the mortgage term you need to repay the whole of the capital in one lump payment. If you choose this kind of mortgage the lender will need to know how you intend to pay off the capital at the end. It could be that you are paying in regularly to savings and investments or it could include a pension payout. These are not very common anymore but could help in certain circumstances.
Part repayment and part interest only – this option is a mix of both, so at the end of the term you’ll have paid off some, but not all of the capital and you’ll still need to find a way of repaying the remaining balance.
When you remortgage, you don’t need to move home. Instead, you switch from your existing mortgage to another one. This could be with the same lender or a different one. This typically happens when the existing mortgage ends or when a fixed rate ends, or when circumstances suggest that switching deals may be cheaper.
If you cannot find a competitive remortgage deal with your current lender, it may be time to look elsewhere. The application process may be more involved than it would be if you stayed with your existing lender. They won’t know you, so you’ll need to complete more paperwork to supply all the information they need. However, this is all simple enough.
If you find a competitive deal with another mortgage provider, you’ll need to get an Agreement in Principle (AiP) first. When you’re ready to switch, you’ll need to make a formal application for that mortgage deal.
Switching may be harder if you have bad credit. However, it’s not impossible. We regularly help people find better remortgage deals. There could be extra costs involved when switching to a new lender, but our expert brokers can guide you through the options to find a competitive offer.
Remortgaging is when you change your mortgage on your existing property, from the same lender to a better rate, or from one lender to another. Your new mortgage will then replace your old one.
You may want to remortgage if you’re:
coming to the end of your existing mortgage rate or fixed term
looking for a better deal than your current lender can offer
planning to borrow more money against your property to free up extra cash
Finding the best remortgage rates is even more important when you have bad credit. You’re likely to pay higher interest rates if you have a bad credit history. However, as with all mortgages, you need to shop around to compare deals and see which lender may have the best option.
You may find it simpler to use a broker in this situation. Our brokers have extensive knowledge of the marketplace when it comes to finding bad credit remortgage deals. Contact us today to see how we may be able to help.
It depends on the individual circumstances. However, it usually takes at least four weeks and anything up to eight weeks. It may be easier if you end up switching deals with the same lender rather than swapping to another one. However, finding the most competitive and relevant remortgage offer for you is most important.
Finding any mortgage can feel challenging. While you don’t need to use a broker, if you do, it means you should benefit from a wealth of experience you won’t have. Clever Mortgages can guide you through the possibilities and see if it is possible to find a cheaper and more competitive remortgage offer today.
There are many reasons why you may want to consider a remortgage, even if you have bad credit. You may just need a better interest rate, which could save you money each month or give you security of payment. Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.
Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.
A bad credit history can be problematic when you’re looking to remortgage. If you’re eager to switch to a better deal and your credit rating is letting you down, we may be able to help.
The brokers at Clever Mortgages are experienced in helping people just like you remortgage with bad credit.
We try to answer all your questions about remortgages in this section. But if there is anything you don’t understand, or need more information, click live chat in the bottom corner or give us a call on 0330 232 0285 and we will be happy to discuss your remortgage queries.
When remortgaging, you have the option to pay off a lump sum to reduce the outstanding balance of your mortgage. This can reduce the total interest you pay over the life of the loan and shorten the loan term. However, it is important to consider any early repayment fees that may apply and to compare the cost of the lump sum payment with the potential savings to ensure it makes financial sense for your situation.
You can apply for a residential mortgage if you are:
Most of our customers have had some form of credit difficulties, from low credit score, missed payments or declined a mortgage elsewhere.
There is so much jargon when it comes to mortgages.
Our mortgage advisors are experienced in all types of mortgages and can explain everything to you in a simple and easy to understand manner. We will also do the mortgage application for you! For a free no obligation phone call to discuss your situation, call 0330 232 0285 or complete the pre qualify
We offer a free no obligation consultation with one of our specialist mortgage brokers. All of our mortgage advisors are trained in all mortgage types and schemes and can explain this to you in a simple easy to understand manner. They are also all trained in bad credit and keep up to date on the latest rates and changes.
They can quickly assess your situation and goals, and scan the wider market for you. If there is an option available for you, we will find it!
There is nothing to worry about, there is no mark on your credit file and it will give a good indication if you can get a mortgage or not.
Your current monthly payment should be (based on the information you have entered)
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(repayment basis)
Your new estimated monthly payment could be
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Additional cost £{{ new_estimated_monthly_payment - current_repayment_basis }}
Monthly savings £{{ current_repayment_basis - new_estimated_monthly_payment }}
Representative Example:
Mortgage amount £170,995 (including £995 lender fee), 64 payments of £748.30 at a fixed interest rate of 2.28%, followed by 236 payments of £889.60 at a variable rate of 4.24%. Over a term of 25 years, giving a total amount payable of £258,861 at an APRC of 3.6%. The contract will be secured against your property.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
By submitting your details, you agree to them being used by B B Mortgages or Oak Mortgages who are an Appointed Representative of B B Mortgages Ltd, to respond to your enquiry.
Clever Mortgages is a trading name of B B Mortgages Ltd. B B Mortgages Limited is a limited company registered in England and Wales with registered number 08057085 Registered Office: 20 Market Place, Newark, England, NG24 1EA. B B Mortgages Ltd is authorised and regulated by the Financial Conduct Authority with registered number 706595.
Your initial consultation and any quotations are free and you are under no obligation to proceed with any options that may be available to you. If you choose to go ahead with a mortgage or secured loan, a fee will become chargeable. Please note commercial mortgages and some buy to let mortgages are not FCA regulated products.
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