How to Turn Your Bad Credit Around
Remortgaging offers money-saving opportunities, such as securing better deals or locking in fixed rates. Lenders see mortgage arrears as the most serious form of missed payments. However, a bad credit remortgage might still be possible.
Certain bad credit remortgage providers might extend leniency despite prior challenges. This happens if your past credit issues are older and resolved.
However, being in arrears for over one month can hurt your loan approval prospects. It doesn’t necessarily make approval impossible.
When deciding, lenders assess your loan-to-value (LTV). This ratio is between the amount you wish to borrow and the property’s current value.
Even with outstanding debts, some lenders may still assist in certain circumstances.
If you have a low credit score
Credit scores, determined by agencies and lenders, can vary significantly. They evaluate your financial history, considering factors like age, income, and loan-to-value ratio. A troubled credit history might lead to unfavourable ratings from traditional banks and financial institutions. However, specialist lenders increasingly adopt a more flexible approach. They particularly assist individuals with limited or no prior credit history. In such cases, these lenders offer viable solutions unavailable from mainstream sources.
Each lender sets its own criteria and requirements. They assess all variables to determine an acceptable level of risk. This highlights the importance of understanding that different lenders provide diverse opportunities and terms. Therefore, it’s crucial to explore all available options. Doing so lets you find the one that best suits your unique financial situation.
Why should you seek mortgage advice?
How do you turn your bad credit around with a remortgage solution?
Consider a credit repair remortgage for those seeking to refinance with a less-than-stellar credit score. This approach consolidates all your outstanding credit commitments into a single debt owed to your mortgage lender. Consequently, this demonstrates your ability to manage borrowing responsibly, positively impacting your overall creditworthiness.
Over time, this conscientious effort will likely yield an improved credit score. Thus, you gain increased financial opportunities and greater control over your financial future.
What is a credit repair mortgage?
A credit repair mortgage is a financial solution designed to assist individuals with less-than-ideal credit histories. While subprime mortgages are typically available to those with poor credit, they often come with higher interest rates due to the perceived risk. However, the key advantage of a credit repair mortgage is that it provides a pathway to rebuilding your credit rating.
What are the types of bad credit?
If a lender has ever denied you access to funding because of your credit score, you will want to know what caused it. Unfortunately, there are specific components that can have an unfavourable impact on your rating and make lenders consider you riskier, such as the following: 
How lenders decide whether to give you credit
What are the advantages and disadvantages?
Bad credit remortgages offer a lifeline to those with poor credit. Through remortgaging, you can access financial assistance and rebuild your credit score. However, it’s crucial to maintain payments throughout the term, as high interest rates may apply.
Pros:
Remortgaging can be beneficial for reducing monthly payments, even with a poor credit score. It can lower interest rates, provide financial security, and raise funds for debt consolidation or home improvements. These benefits can help you achieve your financial goals.
Take small steps to improve your credit score by establishing a positive borrowing history. Bad credit remortgages can help in this regard. You can show financial responsibility and improve your overall credit score by diligently repaying these loans.
Specialist lenders are more likely to accept bad credit remortgage applications. While there’s no approval guarantee, meeting specialist lending criteria increases your chances compared to traditional high-street lenders.
Bankruptcy has a significant negative impact on your credit rating. Once declared bankrupt, the information stays on your credit report for six years. The same applies if you enter an Individual Voluntary Agreement (IVA).
While paying only the minimum each month may seem tempting, it’s best to pay as much as possible. This will reduce your interest owed and can improve your credit score over time.
Cons: 
