Here are the key features of the Jubilee Remortgage lender:
- 5.19% capped interest rate – can go down but not up
- No lender, advisor or broker fees
- A direct mortgage lender not yet featured on the comparison engine sites
- Free, automated, fast, no obligation home valuation
- No early repayment charges (ERC)
- A portable mortgage that can move when you move
- Interest-only and repayment terms
- A decision in principle based on an unrecorded soft credit search
- Broad tolerance of previous credit problems
- Up to 90% loan-to-value
- One penalty-free payment holiday per year, subject to 14 days’ notice
- There is no valuation penalty on flats or other leasehold property titles
- No upper age limit
- Completions in as little as 14 days
This mortgage is ideal for consolidating debt, including existing loans, credit cards, store cards, high-rate car finance, and other financial commitments.
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You will be automatically rejected if:
- You have unspent criminal convictions for fraud or other crimes involving dishonesty
- You are an undischarged bankrupt
- You are currently in the process of having the home repossessed
- You are not a UK resident
- You are not legally allowed to reside in the UK
- You do not live at the house you are trying to remortgage
Your home will be rejected if:
- It is a holiday home that has limited occupancy
- It is a caravan
- It is a park home
- It has a seriously defective lease or title that is subject to dispute
- It is a home with significant structural problems or in need of significant repair
- Your building insurance policy is not up to date, or the 3rd party freeholder cannot prove it is current
- You have significant arrears in service charges or other obligations
Bad Credit Remortgages – CCJs, IVAs, Defaults Accepted
We make finding an adverse remortgage easy. Financing options are available for all situations.
Remortgage interest rates are fixed at 4.93% for at least two years. From June 2026, we have five new lenders for poor-credit remortgage products.
Offers are limited, so please complete our short form with your details. As demand increases, the lender’s criteria will become stricter.
There’s only one barrier to your success in the bad-credit remortgaging process. That’s affordability. If you can prove you can afford the repayments on any loan, then it’s only a question of which lender is most suited to approve your loan.
If you know you can afford the repayments, you will see that you can get a remortgage approved with many types of bad credit entries on your reports. Only the entries are assessed, not the score that the credit reference agencies assign to your report.
Can I refinance my mortgage with a bad-credit mortgage?
You can because there are two types of lenders. The most common are your bank, as they’ve got nearly every financial product you can imagine… so it’s the logical place to apply, to the company you do your day-to-day banking with.
The other type of lender is one whose sole business is risk-based. While the banks on the high street are popular, the secondary market isn’t so much. In the finance sector, these lenders are known as subprime lenders.
Think of them like this:
- Prime – Lenders suitable for applicants with a decent to excellent credit report
- Subprime – For all applicants with negative entries on their credit report
The entire credit sector is split into those categories. It doesn’t matter if you need a credit card, secured or unsecured loan, or store finance to buy a new washing machine on credit. When you need to borrow or obtain goods through a finance agreement, you’ll get funding approved from one of those two types of lenders: the mainstream (prime) lenders or a subprime lender.
There are various adverse credit remortgage lenders, each with a different definition of risky borrowers. What is too risky for one lender could be another lender’s perfect customer.
Brokers come into the equation because they have the experience and knowledge of what each lender considers too risky, and they identify the company (and often more than one lender) that’s most likely to approve the loan. It depends on the severity of entries on your credit report.
Why Should You Remortgage?
60% of Households Could Save Money By Remortgaging To A Better Deal. How Much Could You Save?
Remortgaging interest rates from 5.19% fixed variable for at least three years. Please enquire today without obligation.
Is it possible to refinance with bad credit and late payments on my credit report?
Any recent late payments will indicate to lenders that you’re high risk because you can’t meet your current payment deadlines. As such, your choice of lenders will narrow. It doesn’t rule you out of the remortgage process. It just reflects a need to prove you’re trying to control your finances, one of these being an adequately prepared budget, for which there’s further information below.
I’m worried my debts are too high to be accepted for any bad credit remortgage
Every lender will always assess your affordability for finance. You will not be approved fora secured home loan if your current financial circumstances indicate you wouldn’t be able to afford the repayments. Rest assured, if you’re accepted, you will be able to afford the rates presented. And lenders will not charge you based on what they assess you can afford.
They’ll provide a conditional offer based on your risk level. You are only approved for affordability. Your household income doesn’t affect your interest rate. Just risk, and that’s assessed using the information presented on your credit files. There are other factors to consider, such as the loan term when you plan to retire, whether you intend to pay your kid’s university fees, etc.
Award-winning Poor Credit Remortgage Deals. Simple & Stress-Free Remortgages. Compare & Save Now.
Some people may feel like they’re drowning in debt, especially when there’s not much disposable income left at the month-end
To be considered maxed out on your available credit, you’d be spending over 36% of your current monthly income on debts. A hypothetical example is someone with a £24,000 salary, roughly a monthly income of £2,000 (before tax and NI) and spending upwards of £720 per month towards debt repayments.
Such a scenario could occur following a relationship breakup, requiring a remortgage based on a sole income rather than a joint household income.
If that were the case, you’d need to bring down your debt repayments. Do not repay the debts in full. Remortgaging with bad credit is usually done to pay down your monthly debt repayments, as it’s often unsecured debts with high interest that are refinanced into secured debts with lower interest.
To work out if you can realistically afford to remortgage, it’s not as simple as finding a remortgage bad credit calculator online, punching in some numbers and hitting calculate. It’s best to conduct a comprehensive budget assessment to understand where you’re currently spending. This will always be the case with debts, and the first thing you’ll do with any debt advice service.
Prepare a budget for a mortgage deal with a high-street lender or other specialist mortgage lender.
That’s a real budget and not a monthly planner. A tool you can use instead of any mortgage calculator is this budgeting tool: http://www.stoozing.com/calculator/soa.php
It’s a “Statement of Affairs” tool that accounts for various expenditures. It will help you collate all your figures and prepare for an adverse credit mortgage advisor to help you work things out, or for a debt advisory service.
Once you’ve used it for your calculations, print a copy, as it’ll help you during the application stages. It’s quite a comprehensive budgeting tool, so it will go a long way towards helping you and any advisor you work with to understand your financial position. If you’d prefer to remain anonymous and not submit personal financial details online, note all the expenses listed and complete it with pen and paper.
The more details you have accounted for in your expenditure, the more lenders have to help with their risk assessment, and for that part, more details are always better. Whether you need to remortgage with bad credit and arrears, or if it’s minor late payments or missed payments on a secured loan, there are lenders available to cater to various refinancing options.
Speak To An Expert To Get Your Free Bad Credit Remortgage Quote Today!
We could help reduce your monthly repayments by switching to a better remortgage deal.
Mark Avery
Our Specialist Remortgage Expert
Jubilee Are Here To Help with specialist mortgage lenders
Whatever Financial Situation You Find Yourself In, We Have The Experience And The Expertise To Assist You In Finding The Right Adverse Remortgage Product. Get in contact with Jubilee, and we’ll do our best to make sure the outcome always works out For You.
Other Things To Consider In The Next 12 Months with Bad Credit Mortgage Lenders
The BoE’s Financial Policy Committee (FPC) recently released the June Financial Stability Report. After distilling the contents, reviewing the material, and reviewing the proposed actions, you should gain critical insights into the direction lenders are expected to take. That direction is to err on the side of caution because the FPC issued banks a warning, meaning they need to be more cautious with risky borrowers.
To ensure they got the message, they did the logical thing and demanded that banks pay £5.7bn in the next six months, with a further £5.7bn by the end of next year, for a total of £11.4bn payable in the next 18 months.
Why not?
That’s the bank’s problem, and the report does not suggest anything that will impact consumer interest rates or affect customers, at least in the short term.
There are, however, seven key points to consider about lenders before submitting a mortgage application.
- Risky borrowing will be stricter – specialised mortgage providers show their bad credit FAQs.
This is the obvious one. The FPC is concerned that banks are complacent when taking on risky customers.
This has been seen with an increase in the number of adverse mortgage products available, but of concern to regulators is the number of approved bad-credit mortgages that would be considered risky and are probably better approved by a specialist lender rather than provided as a standard mortgage with some changes.
Getting approved by a bank for a mortgage is likely more challenging when you have adverse credit. This is nothing new, but for a small time, some banks were approving.
- Balloon payments on car finance will be viewed as risky
The report revealed that 15% of borrowing is in car finance. The worrying aspect is that the vehicles are purchased under a Personal Contract Purchase (PCP). It’s a type of short-term funding similar to a hire purchase.
At the end of the lease term, you can either pay a lump sum to buy the car or the dealership will repurchase it from you. If you buy the vehicle, it’s a balloon payment, and if you sell it back, the vehicle’s depreciated, so there’s a risk you’ll be liable for a high fee anyway.
If you have a PCP in place, lenders may ask how you intend to repay it at the end of the term. It’s not required, but it’s possible, so prepare for it before you apply.
- Home loans for property extensions account for 10% of consumer borrowing
10% of homeowners have taken advantage of low interest rates to finance home upgrades, often by extending their property rather than moving to a larger, more expensive one. The banks are failing to account for the risk of rising interest rates.
The BoE is worried that lenders are taking on more high-risk customers while failing to consider future market rate increases, which will affect a consumer’s ability to repay the secured loan.
The interest rate is only temporarily lowered and will rise again. It’s only a question of when. Low interest rates make it more likely that people will be vulnerable to interest rate increases when that time comes. That’s why fixed-term mortgage rates are appealing just now.
- Credit cards account for 10% of consumer borrowing
Credit cards were mentioned; the stats show they account for 10% of consumer borrowing. It doesn’t state how much per person, but just know you’ll likely be asked how much you pay toward it if you have high credit card debt.
Paying the minimum is never a good idea because that’s interest-only and does nothing for your capital. Lenders don’t like that, so if you’ve got a credit card balance, ensure you can afford to pay more towards clearing it. Preferably, you should have a date set for when you expect it to be cleared.
The Financial Planning Committee’s keyword is resilience. They want to ensure that banks and the UK financial market, including insurance firms, are robust enough to withstand any adverse shock. Adverse effects could ripple across the economy, leading to higher interest rates and possibly impeding house prices, which in turn would affect remortgage deals due to lower home equity.
- Rates are low, and you can stress-test yourself with different lenders
According to MoneyFacts.co.uk, the standard rate for an adverse credit mortgage on a two-year fixed-term deal is 4.39%. That’s 2.12% higher than a conventional mortgage. Because of that, when you’re planning for a mortgage, your worst-case scenario would be a dent in your credit records, which you can account for by making sure you can afford mortgage repayments if they increased by 3%.
When applying for a mortgage, this interest cushion in your financial planning helps you account for a possible interest rate increase at the end of a fixed term. But also in an unexpected financial situation, such as an adverse credit report that increases your risk level, you may need a higher-rate lender.
- More fixed-rate adverse credit remortgages are available with a good property value
Money Facts revealed in June that there were 694 poor credit mortgage products available across the market. That was a 167-fold increase from March 2017, when there were 527 mortgages available for people with bad credit. Avoid late payments and get a no-obligation chat with expert advisers.
As with anything, rates become more competitive with more supply. That’s what is happening just now, but with the FCA issuing the warning to banks, it remains to be seen if the products available will diminish or if speciality lenders will increase their mortgage product offerings.
For the moment, the only suggestion is that banks will become more cautious, and when that happens, it’s often reflected in higher interest rates. Too many people have been affected by bad credit, and future lenders can’t afford to consider bad credit applicants.
That’s why hundreds of products are available; these are only the standard products for borrowers with adverse credit. Specialist lenders can tailor products to meet your exact requirements, and there are even more deals on offer.