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Looking for an appropriate mortgage can prove to be a complex experience. The internet could simplify the application process in most cases. In this day and age most mortgage intermediaries have a web site and can introduce their mortgage offers over the internet. You can use the internet to make contact with mortgage intermediaries to gather further information. The mortgage company's advisor should be able to help you on a suitable
What is a mortgage?
In simple terms a mortgage product is a lump sum provided to acquire real estate, to be repaid over an agreed amount of time. The general repayment period of a mortgage is around 25 years but it can be reduced to go with your circumstances.
A mortgage is made up of two noticeable parts : the capital (the lump sum received) and the interest (the amount charged by the mortgage provider for the advantage of getting the lump sum borrowed).
There are in essence two sorts of mortgage loans :
A repayment mortgage product pays back both the capital and the interest over the duration of the mortgage. As long as the agreed monthly repayments are met in good time, a repayment mortgage certifies that the full amount of the mortgage amount will be covered at the closing stage of the loan agreed duration.
An interest only mortgage repays only the interest on the monetary advance received - for this reason the "interest only" name. Since the mortgage capital is not reimbursed in this sort of mortgage, you have to make your own plan to assure the principal is returned before or at the end of the mortgage term. Usual ways of arranging this sort of mortgage product are by means of savings products for example endowment policies (also known as Endowment Mortgages) or the principal can be repaid by the resale of other assets.
Determining which type of loan repayment approach to choose can be influenced by your individual financial and employement circumstances.
With a repayment mortgage loan you have the assurance that your home will be fully reimbursed at the end. On the other hand in the early years of your loan the bulk of your monthly payments shall be payment of interest rather than capital repayment. If you have to move house repeatedly or re-mortgage to reduce the interest rate, you could find that little of the principal is reimbursed.
With an interest-only mortgage product, if your savings vehicles perform better that predictade, you can pay off the capital sooner than planned, lessening the borrowing terms of the loan and as a benefit, reducing the amount of interest paid to the lender. Prior to deciding about the sort of mortgage which is best for you, we recommend that you speak to an independent financial advisor.
What amount can I borrow from a mortgage lender?
Whereas there are no exact rules as to what level a mortgage lender wishes to lend, by and large if you want to aquire a home for you and your family as your principal residence, mortgage providers could offer you an advance of around x 3 your annual income, based on your personal circumstances, such as employment status, your current level of debt ,etc…
Before you proceed with signing to borrow money you should to work on your family budget itemising the amount you take home and your spending such as gas and electricity bills, telecom bills, supermarket bills, ongoing, debt repayments and any other costs you get every month. As part of this budget for the cost of a new home (including different utility bills and taxes). Make sure to add all insurance premiums in your budget home insurance and / or repayment protection. This method will give you a good idea of the monthly repayment you could really afford
What amount of deposit do mortgage companies require?
The vast majority of lenders will loan you up to 90 percent of the purchase price of your new property, meaning you will be required to provide a 10% deposit. Nevertheless a few mortgage lenders will lend you a 100% mortgage but this type of loan is less advantageous and is in some instances a very expensive option to get a mortgage. A good deposit of 15% or more, will provide you a bigger choice of mortgage offers, with a more attractive interest rate
Applying for a mortgage with a low credit record
Some lenders specialise in lending for people with a impaired credit file (arrears, ccj's) These mortgage companies are called sub prime lenders. They will review any poor credit mortgage applicant (ccj's / arrears). Based on the greater risk involved in offering a loan to applicants with poor credit, these sub prime mortgage lenders demand an elevated level of interest rate on the mortgage.
With an impaired credit history (ccj's / arrears) you should think thoroughly regarding the cost of applying for a bad credit loan. You will need a higher level of deposit of at least 20% and above.
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