IT'S hard to believe that it is only four or five months since the phrase credit crunch first became a part of our everyday vocabulary. Now there are very few of us who haven't got a pretty good idea of what it's all about, and if we are homeowners or potential homeowners many of us are well and truly in the mix and getting quite concerned.

Every day people come on to me asking what they should be doing in their current position, so here's a summary of just a few of the questions and answers I've been dealing with over the past couple of weeks.

Q: I'm a first time buyer, desperate to get on the property ladder.

A: You'll usually need to have a minimum deposit of five per cent of the purchase price, preferably more, and the maximum you can borrow is normally between four and five times your annual income depending on your status.

Any credit card or loans debt will be taken into account in determining how much you can borrow. If you have any credit problems (defaults, late payment of credit cards, etc) you're going to find it hard, but not always impossible.

If your parents or close relatives are prepared to stand as guarantors or help financially, you've got a much better chance.

Q: I'm coming to the end of a fixed rate product and need a new mortgage.

A: You should start looking for your new mortgage any time up to six months (yes, six months!) before the present one expires. It can take that long to get a decent replacement. If you find a good replacement product, it's best to take it up, and normally an offer can be held for up to six months.

Whatever you do, do not wait until just before your present product is due to expire. And be warned — you are almost certainly going to have to pay a lot more for your new mortgage than your present one. It is essential to shop around and take independent advice — don't assume you will remain with your present lender.

Q: I need to remortgage but I've picked up a few problems credit wise recently.

A: Not good news, I'm afraid. If you've got plenty of equity (difference between property value and mortgage outstanding) in your property, a replacement mortgage can usually be obtained. If you've got mortgage arrears it is going to be difficult, but not impossible.

Best to get a copy of your credit file to see exactly what has been recorded, and take independent advice. You may have to stick it out on the standard variable rate with your present lender for a while and try to improve your position, but your adviser will help here.

Q: I'm really struggling to cope at the moment – mortgage increases and with loads of credit I seem to be sinking fast.

A: It's no consolation to know that there are thousands more in the same position as you. The best advice I can give is to talk to a professional independent mortgage adviser.

You may be able to reduce your outgoings by extending your mortgage term or paying interest only for a time to give yourself some breathing space. Worst thing you can do is bury your head in the sand and hope the problem will go away.

Every week I seem to be saying to people: If only you had come to see me a couple of months ago I could have sorted you out — no problem.

Q: I've contacted my existing lender and am staggered at the fee they want me to pay just to change my mortgage!

A: That's a very common complaint. All I can say here is that there is no need whatever for you to automatically remain with your existing lender. There are 150 lenders out there and you need to see what alternatives are available. Impossible to research yourself, of course, but independent advisers can quickly locate the best deal according to your specific circumstances.

Q: I need more cash urgently but can't redeem my mortgage because of penalties I would incur.

A: Don't automatically think of more credit cards or consolidation loans. A further advance might be possible.

Alternatively, look at a secured loan to reduce your outgoings, which can then be timed to be redeemed at the same time as your mortgage and then both amalgamated into a better mortgage deal. Ask for advice on this

Q: Despite cuts in base rates, I don't seem to benefit in any way.

A: Bit complicated to answer here, but some lenders have actually increased their rates several times recently despite cuts in base rates. Whether you benefit or not depends on the type of mortgage you have.

You might care to have a look at our website at www.mortgagesforall.net which explains the different types of mortgages.

One thing has become abundantly clear in recent months. The mortgage market is an absolute minefield at present.

Rates and products are changing daily as lenders struggle to know what is best to do or which way to turn.

Independent mortgage advice has never been as important as it is now. Being with the wrong lender can cost many thousands of pounds.

Tony Clement and his colleagues are able to offer independent mortgage advice and can be contacted at 144 Walter Road Swansea, telephone (01792) 543500. Website address is www.mortgagesforall.net