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Getting an appropriate mortgage product can prove to be a time consuming experience. Access to the internet could simplify the task in most cases. At the present time the great majority of mortgage companies have an internet presence and can present their mortgage benefits over the internet. Use the world wide web to make contact with mortgage intermediaries to ask for further information. The mortgage intermediary's agent should be able to help you on the right
What is a mortgage?
In plain terms a mortgage product is an advance made available to purchase a home, repaid over a set period. The usual repayment term of a mortgage loan is up to 25 years however it can be modified to go with your personal circumstances.
A mortgage is composed of two defined parts : the principal (the amount given) and the interest (the monthly fee charged by the mortgage provider for the advantage of taking out the capital).
There are in actual fact 2 types of mortgage loans :
A repayment mortgage loan repays both the capital and the interest of the mortgage during the life of the mortgage. Assuming that the agreed monthly payments are met at the correct time, a repayment mortgage loan warrants that the full amount of the mortgage loan will be paid off at the close of the loan term.
An interest only mortgage pays back only the interest on the amount given - therefore the "interest only" name. Since the principal mortgage amount is not included in this sort of mortgage, you will need to make your own plan to ensure the principal is reimbursed before or at the end of the mortgage agreed duration. Standard methods of providing this kind of mortgage are by the use of savings plans for example endowment policies or alternatively the principal may be provided by the sale of the real estate.
Determining which type of mortgage loan repayment method is right for you can be influenced by your personal financial and employement circumstances.
With a repayment mortgage loan you have the guarantee that your house will be fully reimbursed at the end of the term. However, at the start of your loan the bulk of your monthly repayments shall be payment of interest rather than capital. If you have to move place of residence repeatedly or re-mortgage to get a better mortgage deal, you can realise that little of the capital amount is reimbursed.
With an interest-only mortgage, if your savings vehicles perform better that imagined, you could reimburse the principal sooner than projected, decreasing the length of mortgage and making a great saving. Prior to deciding about the sort of mortgage which is the most suitable for you, we recommend that you contact a fully trained mortgage advisor.
What amount can we obtain from a mortgage company?
In spite of the fact that there are no set rules as to what level a mortgage company is ready to lend, normally if you plan to buy a home for yourself, lenders could offer you a mortgage about 3.5 times your gross annual salary, based on your individual circumstances, such as number of children you have, your credit rating ,etc…
Before you proceed with signing to get a loan you are advised to work on your accounts listing your monthly income and your monthly outgoings such as gas and electricity bills, telecom bills, transport costs, current, unsecured loan repayments and any other costs you get every month. Within this estimate the monthly cost of a new home (including new utility bills and council tax). Don't forget to add insurance costs in your budget house insurance and mortgage insurance. This approach will present you with a reasonable idea of the amount you can really afford
What amount of deposit do mortgage lenders want ?
The majority of mortgage lenders will lend you up to 90% of the value of the house, meaning you will need a ten percent deposit. On the other hand, a minority of mortgage companies will advance you a 100% mortgage but this type of loan is less advantageous and is in some cases a very expensive way to get a mortgage loan. A good deposit of 15% and above, will provide you a bigger variety of mortgage opportunities with the most attractive mortgage rates
Taking a mortgage with a poor credit rating
A small number of mortgage providers specialise in mortgage loans for people with a low credit history (arrears, ccj's) These lenders are called sub-prime lending companies. They will review any adverse credit application (arrears, ccj's). With the bigger level of risk involved in lending to applicants with bad credit, these sub prime mortgage companies demand an elevated interest (APR) on the mortgage loan.
With a bad credit record (CCJs, defaults) you need to consider carefully regarding the cost of getting a sub prime loan. You need a larger deposit of no lower than 15 percent and above.
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