What Is the Best Solution to Remortgage with Bad Credit?

December 31, 2021


Do you need a remortgage for home improvements, but your credit is not going to help you? It may even become an obstacle in accomplishing your goal? Then this is the article that will help you properly understand your situation and provide you with the best possible solutions. By the end, you will know what to do to get a remortgage with bad credit.

There are several pieces of information and advice that you need to know. And each one of them will help you in different ways. But there is one thing that you need to know more than anything else. And that is the possibility to get a remortgage while your credit score is bad.


It Is Possible to Make a Remortgage for Home Improvements Even with a Bad Credit

Yes, it is possible to get a remortgage for home improvements even if your credit score is very low. But there is an obstacle that you will meet. It will be much harder for you to accomplish your goal than anyone with a perfect credit score.

It may even be impossible for you to get the remortgage, depending on the reasons for which your credit is bad. The most important thing you need to know and understand are the situations in which your goal is still possible to accomplish.

Situations In Which a Bad Credit Won’t Completely Prevent You from Getting a Remortgage

There are many different situations and reasons for which the credit score that a person has can become very low. But this system is not perfect. Some of the causes that will make your credit score drop should not have an effect on your ability to make a remortgage.

In some cases, the credit score can drop because of a dispute that you had with a service provider. The most common examples are phone and internet service providers. If your score was negatively affected because of this kind of reason, then you can easily explain to potential lenders and not let it affect your ability to remortgage.

Based on the examples above, you need to understand that as long as the reasons for which the credit score is bad won’t directly prove your inability or unwillingness to pay the remortgage, it is still possible for you to find lenders. But it is a good idea to learn more about the side effects of bad credit.

You Should Never Try to Make a Remortgage for Home Improvements Without a Broker


Even if your credit score was perfect, it is still not an ideal solution to look for a remortgage without the help of a broker. But in your situation, when the credit score is bad, then there are many reasons for which you should find a reliable broker. He will help you find the best remortgage for home improvements.

The first reason and advantage that you should expect from working together with a reliable broker is the amount of time that you can save. Many of the lenders will not even consider why your credit score is small. They do not have the time to look for details. So, they will simply reject you. And this will increase the period you will need to spend even more.

But the situation is very different if you let a broker find the potential remortgage options for you. Not only it will be very fast, but you can also expect to find the best possible rates. So, the only question is, how much do you value your time?

Paying a Broker Can Save You a Lot More Money in The Future

Yes, you will need to pay a broker if you want to get all the benefits from the services he provides. But you should not think about this as an extra cost. You should actually consider this an investment. How so? Well, you can think about the amount of money you can save in the future. You can find out if a broker is the ideal solution for you through this article.

You need to understand that not all lenders are the same. And that includes the rates they ask for the remortgages offered. The big ones, such as a bank may have the best rates, but in your situation, you may not be allowed to benefit from these rates.

In most cases, the lenders willing to provide you with a remortgage with bad credit may ask for a little higher rate. And you may think it's reasonable. But the sum you’ll pay over the years will be massive compared with the costs of a broker’s services.

How Can a Broker Help You Make a Remortgage with Bad Credit?

Another advantage you should consider besides the time and money that you can save with the help of a broker is your bad credit situation. Keep in mind that there are indeed some cases in which you can get a remortgage with bad credit without any penalties. But that is not always possible.

It is essential to consult your situation directly with a professional. He will be able to give you perfect advice personalized for your needs and requirements. He may even be able to help you build up your credit in a relatively short period.

Overall, a broker is a perfect partner that anyone that may need a mortgage or remortgage for home improvements in the future should keep close. Of course, not every broker is the ideal solution. Like in any other industry, you can find both good and bad brokers. So, what can you do?

Where Can You Find a Reliable Broker for a Remortgage with Bad Credit?


There are still conventional methods that you can use. But they may not be the most efficient alternatives. The internet is by far a much better alternative that you should use to find a reliable broker if you want a remortgage with bad credit.

Keep in mind that you need a reliable broker. One that you can trust. And for that, you will need a lot of information about each option available. So, besides the internet, where can you find as much information about the brokers?

All you need to do is check as many options as possible. Your first goal should be to make an objective comparison between the brokers. And next, you can even talk with some of the clients of the best brokers you found before you make your final decision.


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