The Mortgage Exchange Ltd
Straightforward answers about adverse credit, bringing debts together, raising funds, buying a home and choosing your next mortgage.
General information, not a personal recommendation. Your options depend on your circumstances and lender criteria.
01
A debt consolidation mortgage uses new borrowing secured against your home to repay existing debts, such as credit cards or personal loans. This may involve a remortgage or a second charge mortgage. It does not write off what you owe, and securing previously unsecured debts against your home puts your property at risk.
It may be possible, subject to lender criteria and affordability. However, moving unsecured credit-card debt into a mortgage makes your home security for that debt and may increase the total cost over a longer term.
Not necessarily. A lower monthly payment may reflect a longer repayment term rather than a lower overall cost. Compare all fees, any early repayment charges and the total amount repayable against your existing arrangements.
Free independent debt support may be more appropriate than taking on new secured borrowing. MoneyHelper and StepChange can help you understand debt-management options. Consider those alternatives before securing debt against your home.
02
A remortgage replaces your existing mortgage with a new one. A second charge mortgage is a separate loan secured against your property that leaves your first mortgage in place and creates an additional repayment commitment. Compare both with further borrowing from your current lender and unsecured alternatives where appropriate.
The amount depends on your property valuation, outstanding secured borrowing, lender loan-to-value limits and affordability. Equity is the difference between your property’s value and the borrowing secured against it. Having equity does not guarantee that you can borrow or that any particular amount will be available.
A further advance from your existing lender or a second charge mortgage may be possible, subject to eligibility. These options can leave your first mortgage in place but add borrowing costs and repayment commitments. Compare the overall costs and conditions of each option.
No. Remortgaging to release equity usually means a standard mortgage with regular repayments. Later-life equity release usually refers to a lifetime mortgage or home reversion plan. The raising-funds guidance on this site covers standard mortgage borrowing and second charges, not advice on those later-life products.
Compare the interest rate, product fees, valuation and legal costs, any early repayment charge on your current mortgage, the repayment term and the total amount repayable. A lower interest rate or monthly payment does not always mean a lower overall cost.
03
An adverse credit history does not automatically rule out a mortgage. Specialist lenders may consider missed payments, defaults, CCJs or arrears, depending on your circumstances and affordability. Your lender options may be narrower and rates may be higher. An application or approval cannot be guaranteed.
An adverse credit history means your credit record shows problems with previous borrowing, such as missed payments, defaults, County Court Judgments (CCJs) or arrears. These issues can affect which mortgage lenders and rates are available. Lenders also assess your income, outgoings and affordability rather than considering your credit record alone.
Missed payments do not automatically prevent you from getting a mortgage. Specialist lenders may consider your circumstances, but missed payments can limit your lender options and affect the rates available. An adviser can review your credit history alongside your income, outgoings and affordability. Approval is not guaranteed.
A default does not necessarily rule out a mortgage. Specialist lenders may consider applicants with defaults, depending on their criteria and your circumstances. Your affordability and wider credit history also matter, and rates may be higher. An adviser can help assess realistic options without guaranteeing lender approval.
It may be possible to get a mortgage with a County Court Judgment (CCJ), subject to lender criteria and affordability. A CCJ can narrow the lenders and rates available to you. The Mortgage Exchange can review your circumstances and discuss whether specialist lenders may be worth considering; approval cannot be guaranteed.
An adverse credit history does not automatically rule out remortgaging. Your options depend on lender criteria, your property, outstanding borrowing, income, outgoings and credit history. Compare any early repayment charge, fees and total borrowing costs as well as the new rate. A suitable deal or lender approval is not guaranteed.
It may be possible, depending on your credit history, equity, affordability and lender criteria. Specialist lenders may consider missed payments, defaults, CCJs or arrears, but approval is not guaranteed. Moving unsecured debts into borrowing secured against your home puts your property at risk. A lower monthly payment over a longer term may increase the total amount you repay.
It may. Adverse credit can reduce the lenders and rates available, and rates may be higher than those offered to borrowers with a stronger credit record. Compare the interest rate, fees, term and total amount repayable—not just the monthly payment. Your actual options depend on lender criteria and your circumstances.
Yes. The Mortgage Exchange can review your circumstances and discuss which specialist lenders may be worth considering. An adviser looks at your credit history, income, essential spending, existing borrowing and property, then explains realistic options, costs and risks. Using a broker does not guarantee mortgage approval.
04
Yes. The Mortgage Exchange supports sole traders, contractors, limited-company directors and freelancers. Lenders may assess contracts, accounts or tax summaries rather than a single salary figure. The evidence required and the options available depend on your circumstances and the lender’s criteria.
Your deposit, income, regular outgoings and credit history all affect your mortgage options. An adviser can explain how lenders assess affordability and which documents you may need, then compare suitable options and explain their costs and conditions.
Lenders commonly assess expected rental income, your deposit, the property type and your circumstances. Portfolio landlords and company applicants may face different criteria. Allow for maintenance, periods without tenants, insurance and other ownership costs. Not all buy-to-let mortgages are regulated by the FCA.
05
Yes. The Mortgage Exchange Ltd is an independent mortgage and protection brokerage offering support across the UK, including debt consolidation, raising funds, remortgaging, first-time buyers and buy-to-let. It is authorised and regulated by the Financial Conduct Authority, firm reference number 924718.
Have your latest mortgage statement, property value estimate, income information and regular outgoings ready. For debt consolidation, also prepare your debt balances and monthly repayments. For raising funds, explain how much you need, what it is for and any early repayment charge on your existing mortgage.
The Mortgage Exchange starts with a conversation about your borrowing, goals and affordability. An adviser reviews suitable options, alternatives and overall costs. If you decide to proceed, the team supports the paperwork, liaises with the lender and keeps you updated through to completion. No lender approval is guaranteed.
Our mortgage advice processYour home may be repossessed if you do not keep up repayments on your mortgage.
Securing debts against your home increases the risk to your property. A longer repayment term may increase the total amount you pay.
Start your 30-second application for specialist help with consolidating debts, raising funds or your next mortgage — including if you have an adverse credit history. Prefer to look at the figures first? Try the mortgage calculator.
