If your fixed rate is ending and you have bad credit, you don't have to stay on your lender's expensive standard variable rate. Darryl Dhoffer specialises in bad credit remortgages — accessing specialist lenders who will consider your case even with CCJs, defaults or missed payments on your record.
One of the most common situations Darryl handles is homeowners whose fixed rate is ending, who assume they have to stay with their current lender because of bad credit. In many cases this is not true. You have more options than your current lender wants you to know about.
Even with adverse credit, remortgaging to a specialist lender can often result in a better rate than your current lender's standard variable rate — which is typically 1-3% higher than their best fixed rates.
Yes — remortgaging with bad credit is possible in most cases. The key factors are:
Darryl will assess all of these factors and tell you exactly which lenders will consider your remortgage and at what rates.
Your existing lender may offer a product transfer — a new fixed rate deal without a full new application. This can be an option if your credit has deteriorated since your original mortgage, as your lender already has your existing mortgage on their books.
However a product transfer is not always the best deal available. Darryl will compare your existing lender's offers with the full market — including specialist lenders — to identify the best overall option for your situation.
Many homeowners with bad credit want to remortgage to release equity — to pay off debts, fund home improvements or for other purposes. This is possible with specialist lenders even with adverse credit, subject to affordability and loan-to-value ratio.
Darryl handles equity release remortgages for bad credit borrowers regularly. He will assess how much you can release, which lenders will consider the application and what the total cost will be.
Start 6 months before your current deal ends. This gives you time to:
Leaving it too late and rolling onto the SVR is expensive. Acting early gives you options.
Yes — remortgaging with a CCJ is possible through specialist lenders. The key factors are the size of the CCJ, whether it is satisfied, and how long ago it was registered. A satisfied CCJ that is more than two years old is treated much more favourably than a recent unsatisfied one. Darryl can assess your specific CCJ and tell you exactly which lenders will consider your remortgage.
Yes — specialist lenders will consider remortgage applications from borrowers with defaults. Settled defaults, particularly older ones, are viewed more favourably. Some specialist lenders will ignore defaults below certain thresholds. Darryl has access to the full market of specialist remortgage lenders and can identify which ones fit your situation.
Most specialist lenders require at least 15-25% equity for bad credit remortgages, meaning a maximum loan-to-value of 75-85%. The more equity you have, the more lenders will consider your application and the better the rates available. Darryl can tell you exactly what your equity level means for your remortgage options.
Likely yes compared to the best mainstream rates, but specialist remortgage rates may still be better than your current lender's standard variable rate. The premium depends on the severity of your credit issues. Darryl will calculate the total cost of each option — monthly payment, fees and total interest — so you can make an informed decision.
Yes in many cases. Remortgaging to consolidate debts can reduce your monthly outgoings significantly, but it does mean securing unsecured debts against your home. Think carefully and take professional advice before proceeding. Darryl will explain the full implications and identify whether this is a viable option for your situation.
20+ years specialist experience. 90+ lenders. No credit search at this stage.
The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the Financial Conduct Authority — FCA No. 301173. Your home may be repossessed if you do not keep up repayments on a mortgage.