Ghosts!

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the effect of the Credit Crunch now means that many previously available Bad Credit Mortgages (sub-prime) have been withdrawn from the market by many of the big mortgage companies.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

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.

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.

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.

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 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.

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

If your current great mortgage deal is about to end then you really should contact a mortgage adviser for some professional help, as they will know the best deals currently available for you to apply for.

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.

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.

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.

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.

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.

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.

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!