The Credit Crunch has meant that most if not all sub-prime mortgage companies have been forced to withdraw many of the Bad Credit Mortgages that were, until now, easily available. We have noticed a sudden, radical change in what is currently available to the home loan consumer in the UK and this has taken place in last few months.
If you are aware that you are going to need a new mortgage; make sure that you start the process far before the date on which you require your money; giving yourself at least 3 months or so to find the right mortgage deal for your needs is very advisable as it is going to take you far longer than it used to.
Some companies may well be advertising attractive interest rates but be aware that these may not be obtainable unless you have extremely good credit (which is a rarity these days!). If you happen to have a lower than good credit rating you are unlikely to find that you can get these rates. Often there may well be a large arrangement fee to be paid in order to get these mortgages.
First time buyers looking for their first mortgage are going to find that the initial deposits that the mortgage companies require are going to be far larger than before and the income multiple used in the calculation has been severely reduced. Always try to calculate what you are sure you can really afford way before you make any mortgage applications. If your current great mortgage deal is about to come to an end then you should concider contacting The Mortgage Shop for some impartial professional help and advice, as they will know the best deals currently available for you to apply for.