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Finding the right mortgage deal can be a testing process. Access to the internet could facilitate the mortgage application process in most cases. Nowadays most mortgage lenders have a web site and can introduce their best mortgage offers over the internet. Take advantage of the web to get through to mortgage intermediaries to ask for a quote. The lender's representative should be able to help you on the most suitable
A basic mortgage definition
In basic terms a mortgage is a monetary advance borrowed to acquire a property, to be repaid over an agreed period. The common repayment term of a mortgage is up to 25 years but it can be adapted to go with your individual circumstances.
A mortgage is composed of two definite components : the capital (the amount borrowed) and the interest (the fee charged by the mortgage lender for the advantage of receiving the principal amount).
There are primarily two sorts of mortgage products :
A repayment mortgage product repays both the capital and the interest of the loan over the term of the mortgage. Given that the agreed monthly repayments are made on time, a repayment mortgage ensures that the totality of the mortgage debt will be paid at the closing of the mortgage period.
An interest only mortgage pays back only the interest on the advance given - therefore the "interest only" name. As the principal amount is not reimbursed in this type of mortgage product, you must make your own arrangements to ensure the capital is covered before or at the end of the mortgage term. Usual methods of providing this type of mortgage are with savings products for example ISAs or alternatively the principal may be provided by the sale of other assets.
Knowing which sort of loan repayment approach is right for you can be influenced by your individual financial and employement situation.
With a repayment mortgage product you have the certitude that the property will be fully repaid at the end of the term. Yet in the first few years of your loan the greater part of your repayments shall be payment of interest rather than repayment of the principal amount. If you have to move property regulary or remortgage to get more flexibility, you can realise that a small percentage of the principal is reimbursed.
With an interest-only mortgage loan, if your savings or investments vehicles perform better that imagined, you could pay off the capital quicker than projected, bringing down the term of the loan and making a great saving. Prior to deciding about the sort of mortgage product which is best for you, we advise that you speak to a qualified financial advisor.
What amount can you take out from a mortgage company?
In spite of the fact that there are no set guidelines as to what amount a lender wishes to lend, in general if you plan to buy a real estate property as your main place of residence, mortgage lenders could be willing to lend you around a maximum of 5 times your gross annual salary, depending on your personal circumstances, such as employment status, your current level of debt ,etc…
Before you sign up to an agreement for a mortgage it is advised to draw up a budget itemising your income and your spending such as electricity bills, telecom bills, transport costs, ongoing, credit card repayments and any ofther bills you get during the month. As part of this account for the monthly cost of a new property (including new runing cost / bills and council tax). Make sure to add all insurance premiums in your calculation life insurance and / or repayment protection insurance. This approach will present you with a better idea of the mortgage repayment you are able to really afford
How much mortgage deposit do we need?
The vast majority of building societies will lend you up to 90 percent of the current value of the house, meaning you will need a 10% deposit. Nevertheless a small number of lenders will lend you up to 100% but this kind of mortgage loan is less competitive and is in some ways an expensive way to get a mortgage loan. A large deposit of more than 20%, will provide you a bigger choice of mortgage solutions with the most attractive mortgage interest rates
Getting a mortgage loan with a poor credit history
A small group of mortgage providers specialise in mortgage loans for borrowers with a impaired credit file (arrears, ccj's) These mortgage companies are called sub-prime lending companies. They will review any low credit applicant (default, arrears, ccj's). With the bigger level of risk involved in providing a mortgage to applicants with poor credit, these sub prime mortgage lenders charge a superior interest (APR) on the loan.
With an adverse credit rating (CCJs, defaults, arrears) you have to reflect cautiously regarding the expense of getting a sub prime mortgage loan. You need to secure a higher level of deposit of no smaller than 25% or more.
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