In the last few months radical changes in the mortgage marketplace in the UK have had a big impact on what is currently available to those looking for a new mortgage.



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

Get started as soon as you can when looking for your new mortgage as it couls take a lot longer than it used to.

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.

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.

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

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.

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.

Before thinking about a mortgage you should first check you personal credit rating and if possible improve your credit score to ensure you do not get rejected on your very first application.

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.

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.

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.