If you are planning to remortgage or to switch mortgage lenders, you need to do it ASAP.

Here’s 3 reasons why:

1. Due to the credit crunch, the banks are tightening up the rules they use to decide how much you can borrow.

We have evidence that this is already happening, and the rules are likely to get even tighter.

2. Most of the lenders are reducing their maximum LTV, especially on remortgages.  (LTV is the percentage of the value of your home which they will consider offering as a mortgage).

As LTV’s reduce further, lots of people will be unable to switch lenders at all because they won’t have enough equity.

As little as three months ago 95% remortgages were available. Now 80% - 85% mortgages tend to be the maximum (with some lenders offering as little as 50%).

This trend is likely to continue.

3. The banks appear to be on the verge of withdrawing some of the best value mortgage products (including their tracker mortgages) because, believe it or not, they are actually losing money on some of these deals.

It looks like the longer you wait, the more difficult it will be to get the mortgage you want.

So if you want to rationalise your finances, or consolidate your debts and reduce your mortgage payments or raise additional funds, your window of opportunity could be closing soon.

http://www.MyRemortgage.com/criteria.htm