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by: DaveJoa
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The Credit Crunch has forced many sub-prime mortgage companies to withdraw many of the Bad Credit Mortgage deals that were everywhere no so long ago.

There has been a sudden and quite radical change in what is available to the consumer in the UK mortgages market and this has happened in just the last 6 months.

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.

If you know you are going to need a mortgage then make sure that you start the process well before the date on which you require the money.

If you can start about three months before you need the cash then you stand a better chance of getting it on time as getting what you want is now a lot more difficult.

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.

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.

This factor is especially relevant to individuals who have mortgages with a high loan to value ratio.

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.

Before thinking about a mortgage you should first check you personal credit rating and if possible improve your credit score to ensure you do not get rejected on your very first application.

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.

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.

This is an opportunity that should not be missed as you need to fix any problems with your Free Credit Report before you make that first application for a new 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.

That means you will have to get three free credit reports to do the job properly as any of the three might be wrong.

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 deals and the best way to do this is by getting a Free Credit Reports from each credit agency in the UK.

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