The Canadian Family

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.

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.

Anyone hoping to get a remortage or new mortgage deal currently in the UK should be aware of the following facts.

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.

Give yourself at least 3 months or so to find the right mortgage deal for your needs as it is going to take you much longer than it used to.

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.

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.

So make sure you know in advance exactly how much you will be able to borrow.

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.

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

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 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.

If anything is wrong on your credit report it may affect your chances of getting that mortgage deal.

Each of the major three credit reference agencies in the UK currently have offers online to which you can apply for instant access to your credit report for 30 days for free.

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.

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.