Just in case you happen to have been locked away with no newspapers, radio or television for the last 12 months, or any contact with the outside world, or in case you are from another planet, let me just inform you that mortgages have become a tad more complicated to arrange..to say the least!

The recent crazy lending phenomenon of 125% loan to value has become all but a distant fantasy. Even achieving a 100% mortgage is all but unheard of and even 95% mortgages, although still a faint possibility, is all but impossible without having the financial history of the equivalent of a modern day saint. Quite a change in a short space of time!

Its safe to say that self certification is basically a catch 22 situation in terms of both the lender and the borrower. What I mean to say is that the only way you would qualify for it would be if you didnt need it but that is the only way the lenders will release the funds.

So all that said you are probably reading this thinking "I don't really want to know what I can't have", you are probably thinking "What can I have and how?" Good question and one I will endeavour to cover in this article.

As with some other aspects of finance, mortgage advice has been seen as somewhat complicated and this was understandable give the range of products on offer to potential buyers. But with the removal of about 80% of the products available the process has been made a lot simpler.

The main advantage you can have in the mortgage game now is to have equity, equity and more equity! The less you need to borrow against the house value, the more likely you are to get the mortgage you are after. There are even self certification mortgages available if you have enough equity to start with.

The second major element to getting a mortgage in this economic climate is income. OK we have talked about self cert, but ignoring that for a minute, if you have a very good income then lenders will lend to you, simple as that. The better your overall income is, the better you will find your chances are of getting a mortgage.

The third and final piece to this complex jigsaw of obtaining a mortgage is your credit file. A good credit file is all that stands between a lot of people and a good low rate mortgage. No missed mortgage payments, no missed loan payments and no defaults it is all key. You can have credit, that is not a problem but make sure it is "A paid". If it is not you will find that if you get a mortgage at all it will be loaded and that will cost you dearly well into the future.

It is essential to bear these factors in mind when you consider the possibility of going for a mortgage because a lot has changed in the financial sector over the last twelve months. And you never know, you might just be one of the ones to buck the trend in todays market.