Remortgaging with bad credit can be a steep road to travel. Lenders may turn you down, and sometimes an inexperienced mortgage broker may tell you it's impossible to remortgage. But this is may be far from that truth.

Specialist lenders are willing to overlook adverse credit or bad credit, as long as you satisfy specific criteria. The following article may help steer you in the right direction and understand what it takes to remortgage with bad credit.

What Is A Bad Credit And Credit Score?

Bad credit can be termed in different ways; adverse credit, a low credit score or a low credit rating - these all mean the same thing. These terms just mean that the borrower is marked with a history of delayed or missed payments leading to a bad reputation on the credit report.  Think about it.  Would you be quick to go to the ATM to lend to that friend who is always asking for a loan but is never quick to pay to pay you back?  Didn't think so.

What Contributes To Bad Credit

There are many reasons that you could be plagued with adverse credit:

• Late payments
• Missed payments
• Defaults
• IVA (Individual Voluntary Arrangement)
• CCJs (County Court Judgments)
• Bankruptcy
• Seeking more credit (loans, credit cards etc) in a short period of time.

Each of these factors lead to asking the questions 'How can I get a mortgage with a low credit score?

Bad Credit Mortgage Lenders

Lenders can be apprehensive about loaning to a person with a low credit score as it serves as an indicator for possible future problems.  But this need not be the case always. Depending on the severity and time of duration, lenders could be willing to provide remortgaging options if you can satisfy some of their conditions.

Each bad credit lending decision requires a case-specific approach to figure out a way to find specialist lenders who can work with you. Some of the factors a lender will look into before qualifying a remortgage application are:

• Your loan to value ratio (LTV) 
• Loan to income ratio
• The type and severity of the bad credit you possess
• The number of bad credits in your credit history.
• How recent your bad credit instances occured
• Your current financial health.

How To Get Mortgage With Bad Credit

Some tips from mortgage advisors that can help you increase the odds of getting a remortgage with bad credit are.

• Take your time - The impact of bad credit usually reduces with time. So, you can take some breathing time before trying to apply for a remortgage

• Consolidate you and your partner's debt - When you try to apply with a partner, their credit history will also be taken into account. If you can find a partner with a good credit history, it can help you offset your low credit score to an extent.

• Improve your credit score - You can often repair your low credit by making a pattern of consistent payments and proper credit usage. It can show that your current financial conditions are looking good, and you are indeed capable of making the repayments on time. Do avoid making multiple applications online, as these can reflect poorly on your credit score. 

• Hire a professional mortgage broker - Hire a mortgage broker (with access to the whole market). When engaging with a mortgage broker specifically ask do they have access to lenders that lend to borrowers with low credit ratings. We hope this will help you in improving your bad credit score. Even if you have one, we are sure, you can still be able to get a remortgage; all you need to do is look for a bad credit mortgage lender. 

it is no different to lending to that friend who never pays people back.  We all don't like lending to him.  But if he started to improve his game, pay back what he owed, stopped asking for £20 every time you saw them and actually paid back everybody he owed to, we'd consider lending him money again in the future. Well maybe.