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Looking for an appropriate mortgage broker may find to be a gruelling process. The internet can simplify the application process in the majority of cases. At the present time a great number of mortgage lenders have an online presence and can publish their mortgage services over the web. Take advantage of the internet to get in touch with mortgage lenders to get assistance. The mortgage provider's advisor should be able to assist you on the most suitable
A basic mortgage definition
In plain terms a mortgage product is an advance provided to acquire real estate, to be repaid over an agreed term. The general repayment period of a mortgage loan is around 25 years but it can be modified to match your circumstances.
A mortgage is made up of two separate parts : the principal (the lump sum given) and the interest (the annual fee charged by the mortgage provider for the advantage of getting the amount borrowed).
There are basically two categories of mortgage loans :
A repayment mortgage product pays off both the principal and the interest of the loan during the term of the mortgage. As long as the defined monthly payments are paid in good time, a repayment mortgage loan guarantees that the full amount of the mortgage amount will be covered at the end of the loan period.
An interest only mortgage pays off only the interest on the monetary advance received - therefore the "interest only" name. Since the mortgage capital is not reimbursed monthly in this type of mortgage product, you will need to make your own provision to assure the capital is paid before or at the end of the mortgage term. Common methods of managing this sort of mortgage product are with savings plans such as pension policies or the principal could be repaid by the sale of other assets.
Knowing which sort of mortgage repayment method is right for you is subject to your personal financial circumstances.
With a repayment mortgage product you benefit from the peace of mind that your house will be totally reimbursed at the end of the term. Nevertheless in the early stages of your loan the greater part of your monthly repayments are payment of interest rather than capital repayment. If you plan to move house regulary or re-mortgage to reduce the interest rate, you may realise that a small percentage of the capital is repaid.
With an interest-only mortgage, if your savings or investments vehicles perform better than anticipated, you can repay the capital faster than anticipated, reducing the borrowing terms of the loan and making a great saving. Before deciding about the type of mortgage which is right for you, we advise that you contact an independent mortgage advisor.
What amount can we obtain from a mortgage company?
Even though there are no exact rules as to what amount a lender is prepared to lend, generally if you plan to purchase a house as your main place of residence, mortgage lenders may be willing to lend you about 3.5 times your joint gross annual salaries, based on your personal situation, such as number of children you have, your current level of debt ,etc…
Before you apply to get a loan you should to make a budget itemising your salary and your monthly expenses such as utility bills, telephone bills, the cost of your car, ongoing, debt repayments and any other costs you have during the month. Within this estimate the monthly cost of a new house (including different runing cost / bills and taxes). Don't forget to include insurance costs in your calculation house insurance and repayment protection insurance. Your budget will present you with a fair idea of the monthly repayment you are able to afford
What amount of mortgage deposit do lenders require?
Often mortgage providers will give you up to 90% of the value of your prospective home, meaning you will need a 10% deposit. On the other hand, some mortgage providers will offer you a 100% mortgage but this type of lending is less competitive and is in some instances an expensive method to get a loan. A larger deposit of above 25%, will give you access to a wider variety of mortgage opportunities with a more competitive interest rate
Obtaining a mortgage with a low credit file
A small group of mortgage providers can arrange lending for applicants suffering from a bad credit history (arrears, ccj's) These lenders are called sub-prime lenders. They will consider any low credit mortgage application (ccj's / arrears). With the higher risk with offering a loan to applicants with bad credit, these subprime mortgage companies will charge a top level of interest rate on the mortgage.
With a poor credit record (ccj's / arrears) you have got to think carefully about the cost of getting a sub-prime loan. You will need a bigger deposit of no less than 25% and above.
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