Getting A UK Mortgage Is A Lot Harder Than It Was
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.
Anyone hoping to get a remortage or new mortgage deal currently in the UK should be aware of the following facts.
If you know you are going to need a mortgage then make sure that you start the process well before the date on which you require the money.
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.
Often there may also be a hefty arrangement fee to be paid to get these mrotgages.
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.
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.
Finally make sure that your credit rating is as good as it can be, so that you will not be rejected because of your bad credit score when you apply for a mortgage.
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.
In all honesty you should get your credit report from each of these three agencies as you will not know when you apply which credit agency your mortgage company will use to do your credit check during your remortgage or mortgage application.
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!
This Article was Distributed By Inquire Into a website dedicated to supplying the best articles online visit www.inquireinto.com.
About the 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 Report from each credit agency in the UK.
Rating: Not yet rated
View PDF | Print View
by: DaveJoa
Total views: 22
Word Count: 559