If you are struggling with mortgage payments, you should contact your lender as early as possible. Lenders have obligations under FCA rules to treat borrowers in financial difficulty fairly. Do not wait until you have missed payments before seeking help.
Quick answer
If you cannot remortgage to a new lender, you are not necessarily out of options. Your first step should be a product transfer with your existing lender, which is less affected by changed circumstances. If you are in genuine financial difficulty, contact your lender directly - they have obligations to help. Specialist adverse credit remortgage lenders exist for those with credit issues. Free debt advice services can also help you navigate your options without cost or commitment.
Mortgage advice note: This page provides general information only. For personalised advice, speak to an FCA-authorised mortgage adviser who can assess your individual circumstances.
Common Reasons for Being Unable to Remortgage
- Adverse credit: Defaults, CCJs, missed payments registered since your last mortgage application
- Negative equity: Property value has fallen below the outstanding mortgage balance
- Income reduction: Employment change, maternity leave, illness, or loss of additional income since the last assessment
- Age: Some lenders restrict the maximum age at the end of the mortgage term
- Property issues: Non-standard construction, cladding problems, or other surveying concerns
Step One: Try a Product Transfer
Before assuming you are completely stuck, contact your existing lender about a product transfer. Because you are staying with the same lender, the assessment is typically less stringent than a new application. Many borrowers who cannot remortgage elsewhere can still access a product transfer - meaning they get a new deal instead of drifting on the expensive SVR.
Step Two: Check the Specialist Market
If the mainstream market declines you, specialist lenders may still accept your application. This is particularly relevant for adverse credit remortgages. A specialist broker knows which lenders are most receptive to applications of your type, which avoids multiple hard credit searches from failed direct applications.
Step Three: Improve Your Position
If no remortgage is possible right now, focus on what you can change. Adverse credit entries become less impactful with time and demonstrated recovery. Property values may recover. Income may stabilise. A period on SVR is painful but temporary - working toward a position where remortgaging becomes possible again is a strategy worth pursuing.
If You Are Struggling to Pay
If payment difficulty - not just rate - is the issue, contact your lender immediately. FCA rules require mortgage lenders to treat borrowers in difficulty fairly and explore options such as payment holidays, term extensions, and interest deferral before pursuing repossession. The sooner you contact them, the more options remain available.
Frequently Asked Questions
If your deal ends and you cannot switch, you will roll onto your lender's Standard Variable Rate (SVR). While this is typically more expensive than a competitive deal, you should first explore a product transfer with your existing lender. Even if the open market is closed to you, your existing lender may be able to offer you a new fixed or tracker deal - they already have your mortgage and your credit history, and their incentive is to keep you on a deal rather than on SVR.
Yes, in some cases. Specialist adverse credit mortgage lenders operate in the UK and specifically work with borrowers who have adverse credit entries on their file. The older and smaller the adverse entry, and the better your overall profile otherwise, the more options you will have. Rates will be higher than mainstream mortgages. A specialist broker experienced in adverse credit remortgages can identify which lenders are likely to consider your application.
Negative equity means you owe more on your mortgage than the property is currently worth. This prevents you from remortgaging to a new lender, because any new lender would be taking on mortgage debt with no equity buffer. Your options are limited: stay on SVR with your current lender (or do a product transfer if offered), overpay as fast as possible to reduce the balance, or wait for property values to recover. Contact your lender if negative equity is combined with payment difficulty - options may be available.
It depends on how much and how recently. If your income is lower, new lenders will use the current lower figure in their affordability assessment, which reduces the maximum mortgage you qualify for. If your existing balance is unchanged and you only want like-for-like remortgage (no additional borrowing), your options via a product transfer with your existing lender may still be viable. Your existing lender knows your track record and may not require a full income reassessment for a product transfer.
Contact your lender immediately. Under FCA rules, lenders must treat borrowers in financial difficulty fairly and explore all reasonable options before pursuing enforcement. Free debt advice is available from StepChange and MoneyHelper. If you are at risk of repossession, shelter.org.uk also provides specialist housing advice. Do not ignore the problem - early contact dramatically increases the options available to you.
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