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Finding the correct mortgage deal may prove to be a challenging task. The world wide web will ease the experience in most cases. Currently the vast majority of mortgage brokers have an online representation and can display their benefits and rates over the internet. You can take advantage of the internet to contact lenders to compare mortgage products. The mortgage intermediary's representative should be able to assist you on an appropriate

What is a mortgage?
In simple terms a mortgage product is an advance received to buy a property, paid back over an established term. The normal repayment period of a mortgage advance is between 20 and 25 years however it can be varied to go with your circumstances.

A mortgage is made up of two defined parts : the principal (the lump sum given) and the interest (the amount charged by the mortgage provider for the advantage of taking out the lump sum borrowed).

There are basically two categories of mortgages :

A repayment mortgage product pays back both the capital and the interest of the loan during the life of the mortgage. Given that the defined monthly repayments are paid regulary and on time, a repayment mortgage loan certifies that the totality of the mortgage amount will be paid off at the end of the mortgage agreed term.

An interest only mortgage repays only the interest on the amount taken out - hence the "interest only" name. Since the principal amount is not reimbursed in this sort of mortgage, you are responsible to make your own provision to ensure the capital is paid back before or at the end of the mortgage agreed period. Common methods of providing the interest-only mortgage product are via investments or savings products for instance ISAs or otherwise the principal could be provided by an inheritance.

Establishing which sort of loan repayment method is most appropriated is subject to your personal financial and employement situation.

With a repayment mortgage product you have the certitude that your home will be totally repaid at the end of the loan. Yet in the early years of your mortgage the bulk of your mortgage payments will in fact be payment of interest rather than repayment of the principal amount. If your plan is to move property on a regular basis or remortgage to get more flexibility, you can realise that a small percentage of the capital gets paid off.

With an interest-only mortgage, if your savings vehicles perform better that imagined, you can pay off the capital sooner than anticipated, slashing the duration of mortgage and making a great saving. Ahead of reaching a decision about the type of mortgage which is the most suitable for you, we suggest that you speak to an independent mortgage advisor.

What amount can I obtain from a mortgage company?
Although there are no set rules as to what ceiling a mortgage provider is ready to lend, commonly if you plan to aquire a home for you and your family as your principal residence, mortgage companies could be willing to lend you about 3.5 times your gross annual income, based on your individual situation, such as employment status, your current level of borrowing ,etc…

Before you take up an application to get a loan it is advised to make your family budget itemising your income and your spending such as utility bills, phone bills, supermarket bills, current, unsecured loan repayments and any ofther bills you have during the month. As part of this budget for the monthly cost of your new property (including new utility bills and taxes). Make sure to include all insurance premiums in your budget life insurance and repayment protection insurance. Your accounts will give you a reasonable idea of the monthly mortgage you could realistically afford

What amount of mortgage deposit do mortgage lenders want ?
The vast majority of mortgage companies will give you a maximum of 90 percent of the purchase price of your new home, meaning you will be required to provide a ten percent deposit. However, a small number of lenders will give you up to 100% but this type of lending is less competitive and is in some ways a very expensive method to get a mortgage. A decent deposit of above 25%, will provide you a greater range of mortgage solutions with the most attractive interest rates

Applying for a mortgage loan with a low credit rating
A small number of mortgage companies provide mortgage loans for applicants with a bad credit rating (arrears, ccj's) These mortgage providers are called sub prime lending companies. They will review any low credit application (CCJs, defaults, arrears). Based on the bigger risk involved in providing a loan to people with adverse credit, these sub prime lenders charge an elevated interest rate on the advance.

With a poor credit record (ccj's / arrears) you should reflect cautiously about the cost of taking out a subprime loan. You will be required to have a bigger deposit of no less than 25% and above.

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