Trying to find a suitable and affordable mortgage can be very stressful at the best of times, but over recent months this issue has become increasingly difficult and time consuming as well as increasingly demanding. The global credit crunch that swept across the UK last summer has really taken its toll on the nation’s financial markets, and continues to do so. One of the hardest hit sectors has been the mortgage sector, and over recent months consumers have seen the number of mortgage products plummet, which means that there is very little choice for many consumers.

Mortgage lenders have really tightened up on their lending criteria since the onset of the credit crunch, and some consumer groups have been affected more than others. For example, mortgage lenders are more loathe than ever to lend to higher risk customers, and this has deeply affected the chances of first time buyers and those with bad credit, many of whom have found that their chances of getting a mortgage are not slim or even non-existent in some cases.

Whilst there has undoubtedly been chaos on the mortgage markets over recent months, there are still mortgage products available and whilst the cost of taking out a mortgage may be higher than it has been for some time it is still important to look for the most competitive deals. One of the factors that you need to consider is whether you will far better going direct to a lender rather than through a broker or other mortgage intermediary, as some lenders have been offering competitive deals to customers that apply to them direct, although most will want a fairly sizeable deposit and will want to see that you have a decent credit history.

The Internet is as good a place as any to start your search for a mortgage, as many lenders offer services online, and you will be able to quickly and efficiently check the lending criteria in place so that you can determine which mortgages will and will not suit your needs. Avoid the temptation to rush this process or to jump at the first mortgage that comes along – remember that this is likely to be one of your largest investments, and without taking care you could end up with a raw deal and repayments that you cannot possibly afford.

You need to decide on whether you want to opt for a fixed rate or a variable rate mortgage first of all, and once you have decided you can start sourcing different lenders to see what sort of deals they offer and what sort of APR they charge. This is an important commitment, so if you have any doubts as to what sort of mortgage you should opt for, or if you are unsure about finding a mortgage on your own, it is well worth going through an intermediary such as an independent financial advisor, who will be able to give you sound, professional advice that could really help you.

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