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by: DaveJoa
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Because of the Credit Crunch and the sudden disappearance of sub-prime mortgages for people who need a Bad Credit Mortgage find a the mortgage you need is not an easy task.

In the last few months radical changes in the mortgage marketplace in the UK have had a big impact on what is currently available to those looking for a new mortgage.

If you hope to be successful in getting a new mortgage or remortgage in the UK you need to be aware of the following factors.

Start off in your mortgage search early to give yourself plenty of time to find the right deal as there are not so many deals available now.

Recent recommendations suggest that you should start looking at least 3 months in advance because of the fact that the right mortgage or remortgage is now much harder to find.

Some companies will still be advertising attractive interest rates but be aware that these may not be obtainable unless you have extremely good credit. If you have a lower than good credit score or rating you are unlikely to find that you can get these rates.

Be careful if you apply for these mortgages as you may also find that you have to pay a big arrangement fee as well.

If this is you first mortgage then the deposit you will need to find is going to be a lot larger than it used to be and the income multiples that used to be so high have also been drastically reduced making it much harder for the first time buyer.

Always calculate what you can really afford before you make any mortgage applications.

Anyone with an existing mortgage that includes a special deal or rate that is about to come to an end should get some mortgage advice to find out what deals are now available to replace it.

If you have a high Loan To Value on your current deal then this advice is even more important.

You should get professional advice on what is currently still available from a ortgage broker as they know the whole mortgage marketplace better than anyone.

Ii is also now a lot more difficult to get a buy-to-let mortgage or remortage and as a landlord you will need to make sure that your rental income is sufficient to cover your mortgage and all your other property expenses. Mortgage companies have changed their criteria for mortgages and remortgages in the buy to let market so things are now more difficult.

Finally make sure that your credit rating is as good as it can be, so that you will not be rejected because of your bad credit score when you apply for a mortgage.

Your credit report is checked by all potential lenders and you need to make sure that there are no bad entires that are going to mark you down.

You can now get instant online access to each of your three credit reports at the major credit reference agencies in the UK and these are all free for a trial of 30 days.

Do not miss this great opportunity to check your Free Credit Report and to fix the problems you find, as you should do this before you make any application for a mortgage.

In all honesty you should get your credit report from each of these three agencies as you will not know when you apply which credit agency your mortgage company will use to do your credit check during your remortgage or mortgage application.

So therefore to do this properly you will have to get all three of your free credit reports as they all might be different form each other!

About the Author

Dave Joa recommends that you always check your credit reports before applying for a mortgage, loan and new credit, including credit card offers and the best way to do this is by getting a Free UK Credit Report from each credit agency in the UK.

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