Wherever you are on the housing ladder, it can't be denied that buying a house in 2010 is a whole different ballgame to buying one in 2008!

One of the major factors affecting the mortgage market is the reduction in the number of properties for sale. The thruth is, the total number of available properties has dropped by more than 23,000. And not only are inflated loans no longer to be found, the number of lenders prepared to offer more than 90% of the full amount has also fallen. So it's hardly surprising that applicants with a poor credit history are having a hard time.

Now for some better news; David Hollingworth of mortgage broker, London & Country, believes that "although the market has changed substantially since the onset of the credit crunch, it is still possible to get a mortgage, and there remain thousands of deals out there."

He offers the following advice:

1) Put down the maximum deposit you can because the best rates are only available to those with a deposit greather than 25%.

2) {{{deposits are|downpayments are|the amount you put down is|your deposit is| even important if you are remortgaging.
Hollingsworth explains that, because of drops in house prices, you may have shifted into a different loan-to-value (LTV) band. He counsels you to use any savings you may have to reduce the loan-to-value and so get a more competitive mortgage rate. Keep in mind that money put down as part of your deposit is no longer available for other needs, so leave yourself a buffer in case of short term emergencies.
3) As already noted, people with a poor credit history will not find it easy to get a competitive deal. Find out what is on your credit file through agencies, such as Experian, Equifax, or Callcredit Check and make sure that there is nothing unexpected or untoward on your record. It is also important to register to vote not being on the electoral role will damage your credit rating.

4) Mortgage-brokers can help and make sure he or she is registered with the Financial Services Authority.

5) If you don't like nasty surprises, go for a fixed rate mortgage. And with interest rates at their lowest ever, that has to be a good bet. Mark Jenkins