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Finding the correct mortgage solution can be a time consuming task. Access to the internet will end up smooth the application process in the majority of cases. Currently an increasing number of mortgage brokers have a web site and can introduce their mortgage services over the internet. You can make use of the web to get in touch with lenders to ask for a quote. The mortgage provider's agent should be able to help you on a suitable
A basic mortgage definition
In simple terms a mortgage product is an advance organised to buy real estate, to be repaid over an established loan term. The typical repayment period of a mortgage is around 25 years however it can be reduced to match your individual circumstances.
A mortgage is composed of two distinct elements : the principal (the lump sum taken) and the interest (the monthly fee charged by the mortgage lender for the benefit of getting the capital).
There are to all intents and purposes 2 types of mortgages :
A repayment mortgage pays off both the principal and the interest of the mortgage over the duration of the mortgage. Given that the defined monthly repayments are met on time, a repayment mortgage loan offers the assurance that the whole of the mortgage loan will be covered at the completion of the mortgage agreed duration.
An interest only mortgage pays back only the interest on the mortgage given - hence the "interest only" name. Due to the fact the mortgage capital is not regulary repaid in this type of mortgage, you have to make your own provision to guarantee the principal is returned before or at the end of the mortgage agreed duration. Standard approaches of organising this sort of mortgage capital are with savings or investments products such as endowment policies (also known as Endowment Mortgages) or instead the principal may be provided by the sale of the house.
Knowing which kind of loan repayment approach is most suited to you can be determined by your individual financial circumstances.
With a repayment mortgage product you have the guarantee that your property will be totally repaid at the end of the mortgage. On the other hand in the early years of your loan the bulk of your monthly payments shall be payment of interest rather than the principal amount. If you plan to move house repeatedly or re-mortgage to obtain a better deal, you may find that a small amount of the capital is repaid.
With an interest-only mortgage product, if your savings or investments plans perform better that imagined, you could reimburse the principal faster than anticipated, reducing the borrowing terms of mortgage and saving money. Ahead of making a decision about the sort of mortgage product which is right for you, we recommend that you speak to an independent financial advisor.
How much can you obtain from a mortgage company?
While there are no set guidelines as to how much a mortgage company is willing to lend, in general if you want to aquire a home for you and your family, mortgage providers could offer you a mortgage around x 3.5 your joint annual income, depending on your individual circumstances, such as number of children you have, your current level of debt ,etc…
Before you proceed with an application to borrow money you should to draw up your family budget featuring your monthly income and your bills such as electricity bills, phone and mobile bills, food shopping, existing, personal loan repayments and any other costs you get during the month. Within this budget for the monthly cost of a new house (including new utility bills and taxes). Don't forget to add insurance costs in your budget house insurance and / or repayment protection insurance. Your financial budget will provide you with a reasonable idea of the repayment you may have the capacity to reasonably afford
What amount of mortgage deposit do mortgage lenders require ?
Most building societies will grant you a maximum of 90 percent of the purchase value of your prospective home, meaning you will need a 10% deposit. On the other hand, some mortgage providers will give you up to 100% but this sort of mortgage is less attractive and is in some instances a very expensive option to get a mortgage loan. A bigger deposit of 15% and above, will present you with a wider variety of mortgage solutions with the most attractive mortgage interest rates
Obtaining a mortgage with a bad credit record
A small number of mortgage lenders can offer lending for borrowers with a adverse credit history (arrears, ccj's) These lenders are called sub prime lending companies. They will consider any low credit application (default, arrears, ccj's). With the higher risk with offering a mortgage to applicants with adverse credit, these sub-prime lenders require an elevated level of interest (APR) on the loan.
With an impaired credit record (CCJs, defaults) you must think thoroughly regarding the expense of getting a sub-prime mortgage loan. You need to secure a larger deposit of in some cases 20 percent or more.
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