With a bad credit rating, what are my chances of getting a mortgage?

For those seeking first time buyer mortgages, you might not have heard how just by searching for mortgage rates can affect your credit rating if you're not careful. What you might not know is if you are searching online for a mortgage and complete an enquiry form you could be put through a credit check, with many firms treating the enquiry as a pre application for a mortgage and burying this fact in the terms and conditions which, if you're like me, no one ever reads. Deplorably credit reports do not distinguish between an enquiry and a rejection. If you move on to another broker and apply for a mortgage query with them, they will see the last enquiry, but to them it will seem like a rejection, meaning they're likely to also reject your inquiry, by this point, sod's law kicks in and they will also reject your mortgage. It's a vicious spiral downwards with no easy way out if you don't tread carefully; to get around this it is advisable to speak to a mortgage broker or an independent financial adviser (IFA) to begin with, the advantage of this route this they can search on your behalf, keeping your credit score intact.

Source: BAD CREDIT