Important information: Mortgage Bridge provides general information and administrative support as a mortgage introducer. It does not provide mortgage or debt advice, assess eligibility, affordability or suitability, or recommend products. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Changing mortgage lenders with previous credit difficulties may involve assessment of the proposed borrowing, current circumstances, property and the new lender’s requirements. The credit history alone does not establish whether a remortgage is available.
Changing lenders is different from moving to another product with your existing lender. Neither route guarantees acceptance, a lower interest rate or lower overall costs.
Changing mortgage lenders and product transfers differ
Remortgaging to a Different Lender
A remortgage to a new lender replaces the existing mortgage while you remain in the property. The new lender will assess whether it is willing to lend against that property and on the proposed terms.
This normally involves credit, affordability and property checks. Some eligible switches without additional borrowing may be considered under modified affordability rules, but lenders decide whether to use those rules. They do not guarantee an offer.
A Product Transfer with Your Existing Lender
A product transfer changes the mortgage deal with the existing lender. Where payments are up to date and there is no additional borrowing or other material change, a new affordability assessment may not be required. Exceptions and lender conditions apply.
This should not be described as a guarantee of no checks. The lender can explain its process, eligibility conditions and available products.
A product transfer is not automatically cheaper or more expensive than changing lenders. The actual terms and costs need to be compared.
What Credit Information Might a New Lender Consider?
The assessment may include:
- The payment history and current status of the existing mortgage.
- Missed payments, defaults or court judgments on other accounts.
- The dates, amounts and settlement status of previous debts.
- Debt arrangements, insolvency procedures or other relevant financial history.
- Current borrowing and continuing repayment commitments.
Maintaining mortgage payments does not require another lender to overlook difficulties on other accounts. Equally, a consumer credit score alone does not establish whether the application meets a lender’s criteria.
There is no universal waiting period after a credit issue that guarantees a remortgage. Requirements depend on the lender, product and full circumstances.
Affordability and Changes in Circumstances
A new lender will normally assess income, household expenditure, dependants, existing borrowing and other commitments under its applicable affordability requirements.
Changes since the original mortgage was arranged can be relevant. These may include employment changes, different income sources, additional commitments or changes to the applicants.
Being able to pay the existing mortgage does not automatically establish that a different lender will accept the proposed loan. Any modified assessment route also has conditions that must be checked.
Property Value, Equity and Loan-to-Value
Equity broadly means the property’s value less borrowing secured against it. Loan-to-value (LTV) compares the proposed mortgage borrowing with the property value used by the lender.
The new lender’s valuation may differ from an owner’s estimate. Other secured borrowing, fees added to the loan and any additional borrowing can also affect the assessment.
More equity does not override credit-history requirements or affordability checks. There is no standard equity percentage that guarantees acceptance where an applicant has credit issues.
Comparing Switching Costs
A comparison should consider the new mortgage alongside the costs of leaving the existing one. These may include:
- Early repayment charges and mortgage exit fees.
- New product or application fees.
- Valuation, legal and adviser fees.
- Any cashback or fee benefits and their conditions.
A lower initial rate or monthly payment does not necessarily mean a lower overall cost. Extending the mortgage term or adding fees to the loan can increase the interest paid.
The adviser should explain costs over a suitable comparison period, the remaining mortgage term and what happens when any initial rate ends.
What Happens When the Current Deal Ends?
The mortgage contract explains which rate applies after an initial fixed or discounted period. The resulting payment may change.
A remortgage application does not itself change the existing contract or secure a new rate. Offer conditions, legal work and completion arrangements must be satisfied before a change takes effect.
Completion dates should not be assumed. A decision in principle is not a final mortgage offer, and an offer may be subject to conditions and an expiry date.
Additional Borrowing and Debt Consolidation
An application involving additional borrowing is different from replacing the existing balance without extra funds. The purpose, amount and repayment implications require assessment.
Using mortgage borrowing to repay unsecured debts can place those debts against your home. Spreading repayment over a longer period can increase total interest even where monthly payments reduce.
This guide does not recommend consolidating debts. Any proposal requires consideration of suitability, costs, risks and alternatives.
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What happens after a mortgage enquiry?
This is an initial enquiry for administrative support and an adviser introduction where appropriate. It is not a mortgage application or an eligibility assessment. Any mortgage advice comes separately from an adviser acting through an FCA-authorised and regulated network. The receiving firm explains its service, fees and information requirements.
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes. Acceptance is not guaranteed.
Ask about an adviser introduction
Send details of your enquiry for administrative support and an adviser introduction where appropriate. Mortgage Bridge does not provide mortgage or debt advice, assess eligibility, affordability or suitability, or recommend products. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Make a mortgage enquiryNo obligation. Mortgage Bridge acts as a mortgage introducer.
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What If a Remortgage Application Is Declined?
A decline can have different causes, including credit criteria, affordability, property requirements or information that needs clarification. It should not automatically be described as applying to the “wrong lender”.
Ask the lender what explanation it can provide. Where information appears inaccurate, raise it with the relevant organisation and credit reference agency.
Another lender may assess the circumstances differently, but a decline does not establish that an alternative mortgage will be available. Repeated applications are not a substitute for understanding the circumstances and current criteria.
Are Specialist Lenders Automatically More Suitable?
No. The description of a lender as “specialist” or “high street” does not establish suitability or acceptance. Actual requirements, available products and costs must be considered.
A manual review does not guarantee that criteria will be waived. A later remortgage or lower rate is also not guaranteed, even if credit circumstances change.
Information an Adviser May Need
The receiving adviser will explain the documents required. Relevant information may include:
- The existing mortgage balance, rate, remaining term and deal-end date.
- Details of early repayment charges and any other borrowing secured on the property.
- Income evidence, expenditure and current commitments.
- Credit reports and documents relating to previous payment difficulties.
- Details of the property and any proposed additional borrowing or other changes.
Provide accurate information through the secure document-sharing process specified by the receiving firm. Supporting documents help establish the circumstances but do not guarantee acceptance.
If Mortgage Payments Are Becoming Difficult
If you are worried about making payments, contact your existing lender promptly, including before a payment is missed. Support may be available even where changing lenders is not possible.
Ask how any proposed support would affect payments, the mortgage term, total cost and credit reporting. A remortgage application does not suspend the obligations under the existing mortgage.
Free debt support is available through MoneyHelper’s debt advice locator.
How Mortgage Bridge Can Help
Mortgage Bridge provides general information and administrative support and passes mortgage enquiries to advisers acting through an FCA-authorised and regulated network. We do not compare or recommend mortgage products, assess suitability or advise whether a remortgage or product transfer is appropriate.
The receiving adviser can discuss your circumstances, explain their service and any fees, and assess potential options within the scope of that service. Any application remains subject to the lender’s criteria, checks and decision.
Mortgage Bridge has commercial relationships with receiving firms. When an introduced case completes, we receive a percentage of the commission earned by the adviser. We therefore have a financial interest in completed introductions.
Read more about our role on our About Us page, in our Terms and Conditions and in our Privacy Policy.
This guide provides general information only. It is not mortgage or debt advice and does not confirm eligibility or guarantee acceptance or savings.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Eligibility, affordability and suitability
Visual explanation: eligibility, affordability and suitability
Eligibility concerns a lender’s current requirements. Affordability concerns whether repayments can be maintained, taking account of relevant income, expenditure and commitments. Suitability concerns whether a recommended mortgage meets individual needs and circumstances and is assessed when an adviser acting through an FCA-authorised and regulated network provides mortgage advice. Meeting one assessment does not establish the others. Mortgage Bridge does not carry out these assessments.
Costs and independent debt support
Free, independent debt advice is available through MoneyHelper’s debt advice locator. This guide does not recommend changing debt repayments, using savings or taking additional credit to obtain a mortgage.
Securing previously unsecured debts against a home increases the risk to the home. Lower monthly payments do not necessarily mean lower total costs. Longer repayment terms and fees can increase the total amount repaid.
Referral disclosure
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes. An introduction does not guarantee acceptance or completion.
Read about us, our terms and conditions and our privacy policy.
Frequently asked questions
Does meeting one criterion guarantee a mortgage offer?
No. The lender assesses the complete application, including credit, affordability, property and other requirements. Acceptance is not guaranteed.
Does Mortgage Bridge assess eligibility or recommend a mortgage?
No. Mortgage Bridge provides general information and administrative support as a mortgage introducer. It does not assess eligibility, affordability or suitability or provide mortgage or debt advice. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Sources and review
- FCA Handbook: responsible lending
- FCA Handbook: mortgage advice and suitability
- TransUnion: account information and reporting
- ICO: credit records and accuracy
- MoneyHelper: consolidation risks
Last reviewed: . This article is subject to periodic review. Information and lender criteria may change. General information only; this is not a personal recommendation.
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