Tag: remortgage

Updated for 2026

If you are thinking about remortgaging your property, your credit score should be one of the first things you look at. A stronger score opens the door to better rates, lower monthly payments, and a wider choice of lenders willing to approve your application.

Your credit score is a number based on the information held in your credit report. Lenders, creditors, the Electoral Roll, and even your local council all feed data into that report, painting a picture of how you have managed money over the years.

The score itself depends on which credit reference agency you check with. Experian scores out of 999, while TransUnion caps at 710 and Equifax uses a scale up to 1,000. Each agency weighs your data slightly differently, so do not panic if your numbers vary from one to the next.

What Does Remortgaging Actually Mean?

Remortgaging is the process of replacing your current mortgage with a new one, either with the same lender or a different one. Some homeowners do this to lock in a better interest rate once their fixed deal ends. Others use it to release equity from their property, freeing up cash to clear outstanding debts or fund home improvements.

The equity you release is not taxed, and a well-structured remortgage can reduce your monthly outgoings. That said, it is not always the right move. If your credit score is low, you may be offered higher rates that cancel out any savings, or you may struggle to get approved at all.

What If You Cannot Remortgage?

If remortgaging is not an option, there are formal debt solutions worth exploring. An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors. You make a single affordable monthly payment based on what you can genuinely afford after covering essentials like rent, bills, and food. After a set period (usually five or six years), any remaining qualifying debt is written off.

For smaller debts, a Debt Relief Order (DRO) might suit you better. To qualify, your total debt must be under £50,000, your monthly surplus must be £75 or less, your assets must not exceed £2,000 (excluding a vehicle worth up to £4,000), and you must not be a homeowner.

If you have been through an IVA or any other debt solution, you may wonder whether a mortgage is still possible. The answer is yes, although timing and preparation matter. Our guide on getting a mortgage after an IVA covers the steps in detail.

Why Has Your Credit Score Dropped?

Credit scores rise and fall for all sorts of reasons. Understanding what causes a decreased credit score can help you avoid common pitfalls. Here are some of the most frequent triggers:

• Missing a payment or making one late
• A default, CCJ, or other derogatory mark appearing on your report
• Using too much of your available credit (high utilisation)
• Having your credit limit reduced by a lender
• Closing an old, well-managed account
• Applying for several new credit products in a short space of time
• Errors or outdated information sitting on your report unchallenged

Seven Practical Ways to Boost Your Credit Score Before Remortgaging

1. Pay Every Bill on Time

Payment history is the single biggest factor in your credit score. Even one missed payment can leave a mark that stays on your report for six years. Set up direct debits for every regular bill, from your mobile phone contract to your council tax, so nothing slips through the cracks.

2. Keep Credit Utilisation Below 30%

Credit utilisation is the percentage of your available credit that you are currently using. If you have a credit card with a £5,000 limit and a £4,000 balance, that is 80% utilisation, which looks risky to lenders. Aim to keep it below 30%, and ideally below 25%, in the months leading up to your remortgage application.

3. Avoid Hard Credit Searches

Every time you formally apply for credit, the lender runs a hard search on your file. Too many in a short window makes it look like you are desperate for money. Before remortgaging, avoid taking out new credit cards, loans, or phone contracts. Where possible, ask companies to run a soft search instead, as these are only visible to you and will not affect your score.

4. Settle Outstanding Debts Where You Can

Multiple outstanding balances drag your score down. If you can clear any smaller debts before applying, do so. Focus on the accounts with the highest interest rates first. If full repayment is not realistic, even reducing balances shows lenders you are taking control. Our guide to dealing with debt has more practical advice on this.

5. Check Your Credit Report for Errors

Mistakes on credit reports are more common than you might think. An old address that was never updated, a debt marked as outstanding when it was paid off years ago, or even someone else’s account showing on your file by mistake. Check your report with all three main agencies (Experian, Equifax, and TransUnion) and dispute anything that looks wrong. You can do this for free through services like CheckMyFile or directly with each agency.

6. Register on the Electoral Roll

This is one of the quickest wins available. Being on the electoral roll confirms your name and address, making it easier for lenders to verify your identity. If you are not registered, you can sign up on the GOV.UK website in about five minutes. Some people see a noticeable score increase within weeks of registering.

7. Space Out Your Credit Applications

If you do need to apply for credit before remortgaging, leave at least three to six months between each application. Clustering applications together signals financial stress to lenders and can knock your score each time. Plan ahead and only apply for products you genuinely need.

How Long Does It Take to Improve a Credit Score?

There is no overnight fix. Small changes like registering to vote or correcting an error can show results within a month or two. Bigger improvements, such as reducing your credit utilisation or building a consistent payment history, typically take three to six months to make a meaningful difference.

If you are planning a remortgage, start working on your credit score at least six months before you intend to apply. That gives you enough time to make real progress without rushing.

Struggling With Debt? You Still Have Options

If debt is the reason your credit score is suffering, tackling the root cause is just as important as chasing a higher number. Solutions like an IVA, a debt consolidation loan, or a DRO can give you a structured path out of debt, and once you complete them, you can start rebuilding your score from a clean slate.

If you are not sure which route is right for you, read our breakdown of how to improve your credit score after an IVA, or explore the different remortgage options available through Swift Debt Help.

Disclaimer: This article is for general information only and does not constitute financial advice. If you are struggling with debt, we recommend speaking to a qualified debt adviser. Swift Debt Help can connect you with FCA-authorised professionals who will assess your situation and recommend the most appropriate solution for your circumstances.