Because of the Credit Crunch and the sudden disappearance of sub-prime mortgages for people who need a Bad Credit Mortgage find a the mortgage you need is not an easy task.
Why UK Mortgages Hard To Obtain?
Because of the Credit Crunch and the sudden disappearance of sub-prime mortgages for people who need a Bad Credit Mortgage find a the mortgage you need is not an easy task.
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.
Get started as soon as you can when looking for your new mortgage as it couls take a lot longer than it used to.
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.
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 this is you first mortgage then the deposit you will need to find is going to be a lot larger than it used to be and the income multiples that used to be so high have also been drastically reduced making it much harder for the first time buyer.
So make sure you know in advance exactly how much you will be able to borrow.
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.
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.
If anything is wrong on your credit report it may affect your chances of getting that mortgage deal.
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.
Get a free credit report from each credit reference agency and fix the problems on each one as when you apply for a mortgage or remortgage you cannot predict which agency will be used for your credit check.
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.
Article 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 UK Credit Reports from each credit agency in the UK.
