If your fixed-rate mortgage deal is due to end but your credit score has dropped since your last application, you might be feeling anxious about your remortgage. Will lenders still consider you? Could your options be limited? Is it better to stay where you are?
At HFA Mortgage & Protection, we speak to homeowners in this position all the time—and the good news is, having a lower credit score doesn’t mean remortgaging is off the table. It just means preparation is key.
Let’s look at how to approach remortgaging with a lower credit score, and why speaking to an experienced mortgage broker can help you navigate your way to the right deal.
Why Your Credit Score Matters When Remortgaging
When you apply for a mortgage – whether it’s for a new property or to remortgage – lenders will assess your credit history as part of their decision-making process. This helps them understand how reliably you’ve managed credit in the past and how much risk is involved in lending to you.
If your credit score has dropped due to:
• Missed or late payments
• Defaults or CCJs
• Increased credit usage
• Changes to your financial circumstances
…it may limit the number of lenders willing to offer you their most competitive deals. But it doesn’t mean there aren’t any options – especially if you have equity in your home and your overall finances are stable.
What’s the Best Way to Prepare to Remortgage with a Lower Score?
Preparation is everything. Here are our expert tips to get yourself remortgage-ready, even with a dip in your credit rating:
1. Check Your Credit Report Early
Don’t leave it until the last minute. Check your credit report using a free service like Experian, Equifax, or TransUnion. Look out for:
• Any missed or incorrect information
• Outstanding debts or defaults
• Your credit usage compared to your available limits
If you spot any errors, raise a dispute as soon as possible—it can take time for corrections to be made.
2. Avoid Applying for New Credit
Multiple credit applications in a short time can affect your score further. If you’re planning to remortgage, avoid taking out loans, credit cards, or finance deals in the months leading up to your application.
3. Stay Current on Existing Payments
Even one late payment can have a big impact, especially close to your remortgage application. Set up direct debits where possible and try to reduce credit balances to improve your credit utilisation ratio.
4. Know When Your Deal Ends
Start preparing at least 6 months before your current mortgage deal ends. Many lenders allow you to secure a remortgage offer up to six months in advance, and if rates improve, you can often switch products right up until completion.
This gives you time to explore options, address credit issues, and avoid defaulting to your lender’s SVR, which could cost you significantly more each month.
How a Mortgage Broker Can Help You Remortgage with Poor Credit
When your credit score has taken a knock, the best thing you can do is speak to an experienced mortgage broker. Here’s how we can help at HFA Mortgage & Protection:
• Access to Specialist Lenders: We work with lenders who are more flexible and willing to consider applicants with credit issues. Some won’t be available directly to the public.
• Tailored Advice: We take time to understand your circumstances and match you with lenders most likely to accept your application.
• Avoiding Rejections: Applying to the wrong lender could result in a rejection that harms your score further. We help you avoid this by getting it right first time.
• Guidance Throughout: From checking your credit report to handling paperwork, we’re with you every step of the way.
You can, of course, compare mortgage deals on consumer comparison websites or use resources like Which?. These tools are useful for research, but they won’t give you the full picture. They won’t account for individual lender criteria, hidden fees, or how specific credit issues are viewed.
That’s where we come in—offering clarity and a route to success when the situation isn’t straightforward.
Don’t Panic – Plan Instead
It’s natural to feel worried about remortgaging with a poor credit score, but with the right support and strategy, it’s entirely possible to find a suitable deal.
Start early, check your credit, and speak to a broker. With HFA Mortgage & Protection, you’re not navigating it alone—we offer friendly, expert advice tailored to your unique situation, giving you the best chance of securing the right mortgage for your future.
Get in touch today to speak to one of our mortgage specialists:
Important Notices
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500, and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
