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by: DaveJoa
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Unfortunately the effect of the Credit Crunch now means that many previously available Bad Credit Mortgages (sub-prime) have been withdrawn from the market by many of the big mortgage companies.

You need to realize that things have changed radically in the UK mortgage market even compared to what was available less than a year ago.

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.

Get started as soon as you can when looking for your new mortgage as it couls take a lot longer than it used to.

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.

If you see some good interest rates advertised to be tempted into thinking that you can get them. Many of the these rates will only be available to those who can meet the tougher criteria recently set by the mortgage companies to capture those with really good credit. If you have any bad credit at all then the rate you get will not be as good.

Often there may also be a hefty arrangement fee to be paid to get these mrotgages.

If you are a first time buyer then you will have to put down a much large deposit on your new home than use to be normal and when calculating what you can afford the income multiple used will not be anywhere near as attractive as in the past.

Work out exactly how much you can realistically borrow before you even think of applying for that new mortgage.

If you already have a mortgage that had a good deal attached to it which is now about to finish then get some professional mortgage advice to help you find out the current best deals you can get to refinance.

Individuals with mortgages with a high LTV, which need replacing, should be considered as definitely in need of professional mortgage advice before replacement.

Today there is just not the same number of mortgage deals out there, so ask a mortgage broker to shop around for you.

If you need or want a Buy To Let mortgage or remortgage then do your sums carefully to ensure that your income from rents will cover mortgage or remortgage repayments and your landlord expenses as well, otherwise you may find that the new stricter criteria for mortgages lending will prevent you from getting what you want.

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.

There maybe incorrect facts on your credit report that should not really be there and which you can get removed.

The three main credit reference agencies in the UK are currently offering free 30 day trials on their personal credit report services with instant online access.

So take this opportunity and signup for a Free Credit Report and then check it and fix and problems you find before you apply for mortgages.

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 Reports from each credit agency in the UK.

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