Remortgage calculators are invaluable when you’re looking for a new deal. You can enter a few pieces of information to see your options. Your property price, the mortgage amount you need, and the term you’re looking to borrow over are all vital.

You can use our free remortgage calculator today to get an idea of the possibilities.  And of course, we’re here to help when you need further information.

Remortgaging means changing the existing mortgage on your property to a new one without moving. This may be with the lender you’re already with, or by swapping to another lender.

This is a very simple process.

This can quite often in most cases save you money.

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 and we will be happy to discuss your remortgage queries.

The answer is usually yes, but it depends on your current situation. Speak to one of our brokers to get a better understanding.

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.

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.

Our mortgage brokers can look at the options for you:

If the best option for you is to stay with your existing lender and take a new mortgage product with the same lender, the fees are often nothing or a lender’s product fee only.

If the better option for you is to remortgage to a new lender, then there could be fees to pay since you are transferring your mortgage to a new lender. Our mortgage brokers will always look at both options for you, to ensure you are doing the right one for your circumstances. For a remortgage, fees may include some or all of these:

• Lender’s arrangement fees
• A property valuation fees
• Solicitor fees
• Mortgage broker fees

Some of these fees could be free or can be included in your remortgage.

It’s important you know at which point your current mortgage product ends, as this determines when any early repayment charge is no longer payable. For example, if you have a five-year fixed-rate deal, you may be charged if you try to exit that deal before the five years are up. However, it’s recommended you look at least 6 months before your current fixed rate is up and get a new mortgage ready to go for when the current one ends. If you don’t have a new mortgage ready, you’ll revert to the lenders Standard Rate which could be higher than your current rate, meaning your monthly payments increase.

If you source a remortgage deal for bad credit via one of our brokers, we can clarify the various fees that might be involved. There can be a lot of number crunching happening when you source a new deal.

A missed payment isn’t the same as a late payment. Most people forget to pay a bill occasionally, but in most cases, they’ll rectify the error and pay it as soon as they realise. A missed payment occurs when you don’t pay the bill at all – late or otherwise. As such, it has a greater effect on your credit record than a late payment.

If you have missed one or more payments, they will remain on your credit file for six years. When a lender considers you for a remortgage deal, they’ll look for missed payments. If they find one or more, they’re likely to see how recent they were. If you missed one five years ago but have paid on time ever since, this is far less likely to affect your application than if you missed a payment a few months ago.

In every case, though, you may stand more chance of remortgaging with missed payments on your credit record if you speak to a broker with experience in this sector of the mortgage market.

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.

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 should always be done with care. In some scenarios, the cost of remortgaging may mean it is cheaper to stay with the deal you’re on. For example, you may be subject to early repayment charges if you exit a deal within a certain period.

However, if you can get a cheaper deal elsewhere that would work out better over the time you hold it for, it may still be better to switch. A good example would be if you’re currently on a higher interest rate and you could get a far cheaper one with another lender. Even though you’ll see higher rates with lenders specialising in bad credit remortgaging, there’s still plenty of variety in that market. Speaking to a broker could make it easier to find a competitive deal.