Sure, you could remortgage in the event certainly one of your into the shared software features adverse borrowing. Extremely lenders can add your own fico scores together, and you will need to meet the minimal rating become believed.

Specific mortgage enterprises want to look at the scores yourself. However, all lender have other financing criteria they normally use to decide whether they have been prepared to offer you a home loan.

Of numerous lenders tend to legs the applying score into the whoever has brand new lowest rating, so if you possess the ultimate list however your companion have a difficult background, specific loan providers are certainly more concerned with their partner’s lower get than just your own a good that.

A lot of the big banking companies can either reject you an excellent remortgage otherwise give you higher interest levels, for this reason , needed a specialist large financial company to track down you the correct price.

Whatever sorts of home loan you may be wanting to get, for those who have bad credit, or your ex partner do, it will constantly complicate a home loan application. But in lieu of the greater amount of main-stream finance companies, professional brokers (such you!) manage those with difficult borrowing from the bank records all day, therefore we know what lenders in order to method for the most options regarding achievements.

Want to know how much you could borrow with a bad credit rating? Use our Less than perfect credit Financial Calculator to find out.

What the results are if i cannot remortgage?

There’s a number of reasons why you might struggle to remortgage. If you’ve been refused recently, it doesn’t mean you will be in the future.

Your income has evolved

When your activities enjoys changed meaning your family income try smaller than simply when you took your home loan, following remortgaging could be more hard.

When you are income will not mode part of your credit rating, you might not citation brand new affordability monitors if the earnings was straight down. Loan providers will at the the newest income compared to the their outgoings to find out if you are able to struggle with the latest payments.

You have got less than perfect credit

That have a decreased credit score makes it more challenging to remortgage. Will still be you’ll, you may be asked to pay highest interest on the the newest money.

It’s a good idea to check your score regularly and do all you can to build it up. There are a few simple things you can do to build your credit score before a remortgage application. Read more in our Guide: How exactly to Alter your Credit score Before Home financing Application

You really have a premier mortgage-to-worth ratio

The value of your home can move up also off. In case the domestic possess dropped in the value when you arrived at remortgage, you are analyzed with the a high mortgage in order to worthy of (LTV).

LTV is the amount of money your obtain compared to just how much the property is worth. Private loan providers possess their particular maximum LTV. Always, you might not manage to borrow over 90% out of a great property’s worth.

If you have been rejected a good remortgage, it doesn’t mean you don’t have choice. All the mortgage lender keeps more criteria they normally use to determine in the event the these include prepared to provide to you or perhaps not. Because one to lender states No’, does not mean all loan providers often.

Approaches for remortgaging that have poor credit

Even if you have bad credit, you can still remortgage. But you’ll have fewer options open to you than if you had a perfect credit score. Here are some tips to help you be in the best possible position when it comes to remortgaging with a low credit rating.

Explore home financing calculator

Standards differ between loan providers. You’re turned down by the bigger standard banks, many go to the website financial businesses specialise into the remortgaging with bad credit.