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the effect of the Credit Crunch now means that many previously available Bad Credit Mortgages (sub-prime) have been withdrawn from the market by many of the big mortgage companies.
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.
Here is an up to date evaluation of what you now need to do to successfully get the mortgage or remortgage you want in the UK.
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.
When looking at mortgage adverts do not think that you will necessarily be able to get the mortgage rate advertised. Although the rate you see may seem very good it will probably only be available to those that meet the stringent lending criteria set out by the mortgage company. Your own personal situation may not fit in with what they require.
Also be aware that you may have to pay quite a large arrangement fee to get the best rates!
Any first time buyer looking for their first mortgage are going to find that the deposits that the mortgage companies require are going to be much larger than previously and the income multiple used in the calculation of what they will lend have been severely reduced.
Work out exactly how much you can realistically borrow before you even think of applying for that new mortgage.
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.
Individuals with mortgages with a high LTV, which need replacing, should be considered as definitely in need of professional mortgage advice before replacement.
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.
If you are a landlord looking for a buy-to-let mortgage or if you need a buy to let remortgage then make sure your rental income will be enough to cover the mortgage repayment, as well as you other expenses, as many lenders have revised their criteria for buy-to-let mortgages and remortgages.
You also need to check your credit status to make sure that your credit score is as high as it can be as it is now only too easy to get rejected from many mortgage applications.
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.
You need to do this for each of the 3 credit agencies as you will not know which agency your mortgage company might use for a credit check when you go to make your next application for a mortgage or remortgage.
To ensure that all bases are covered and that any issue on any credit report is resolved you will have to get free access to all three credit reports.
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