The credit crunch has hit the mortgage market so severely that the Daily Telegraph* recently reported that ten mortgage products are currently being withdrawn from the market every day. Clearly, this intensifies the demand for what is left and lenders can – and are – demanding that new borrowers have both a large deposit and a particularly healthy credit rating. More than ever, therefore, mortgage hunters need to be on the ball and to persevere. Here are just a few top tips:

Check your credit rating – since the lender is going to be scrutinising it, do all that you can to repair it. Make sure you are on the electoral roll and that there are no overdue payments on your credit cards or other loans;

Deposit – increase the size of the deposit you can put down. Wait longer and save more, or see whether family members are prepared to help you get your first foot on, or help you get further up, the property ladder;

Act – act quickly, in order to take advantage of a particular offer or rate before it is withdrawn;

Advice – take advice from an independent financial adviser.

* Daily Telegraph 24.04.08