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Searching for an appropriate mortgage deal might be an arduous experience. Access to the internet can improve the application process in most cases. At the present time an increasing number of mortgage companies have an online representation and can present their mortgage offers over the web. Take advantage of the world wide web to get in touch with mortgage providers to compare mortgage products. The lender's agent should be able to advise you on the best
Mortgage basics
In simple terms a mortgage is a monetary lump sum provided to pay for a house, repaid over an agreed loan term. The usual repayment period of a mortgage advance is up to 25 years however it can be reduced to reflect your circumstances.
A mortgage is composed of two separate components : the principal (the lump sum given) and the interest (the annual fee charged by the lender for the advantage of taking out the principal amount).
There are essentially two categories of mortgage products :
A repayment mortgage product repays both the principal and the interest of the mortgage over the term of the mortgage. Providing the exact monthly repayments are made regulary and on time, a repayment mortgage product promises that the full amount of the mortgage loan will be paid off at the conclusion of the mortgage agreed period.
An interest only mortgage pays back only the interest on the lump sum borrowed - and so the "interest only" name. Since the mortgage capital is not included in this sort of mortgage product, you have to make your own provision to ensure the capital is paid before or at the end of the mortgage agreed period. Standard ways of organising this sort of mortgage capital are through savings products such as endowment policies or otherwise the principal can be paid by an inheritance.
Knowing which kind of loan repayment method is most appropriated is determined by your personal financial circumstances.
With a repayment mortgage product you benefit from the guarantee that the property will be totally reimbursed at the end. Still at the beginning of your mortgage the best part of your monthly repayments will in fact be payment of interest rather than capital. If your plan is to move home on a regular basis or remortgage to reduce the interest rate, you can discover that little of the capital is reimbursed.
With an interest-only mortgage product, if your savings or investments vehicles perform better than expected, you can repay the capital quicker than planned, slashing the length of the loan and as a result saving money on interest. Ahead of deciding about the type of mortgage which is best for you, we advise that you speak to a fully qualified mortgage advisor.
How much can you take out from a mortgage lender?
While there are no set guidelines as to what level a mortgage company is prepared to lend, generally if you plan to buy a property as your principal residence, lenders could offer you an monetary advance of around 3 times your joint gross annual revenue, based on your individual circumstances, such as employment status, your credit rating ,etc…
Before you apply for a mortgage you are advised to make your accounts itemising your different incomes and your outgoings such as utility bills, phone bills, transport costs, existing, unsecured loan repayments and any ofther bills you get each month. As part of this account for the cost of a new property (including different utility bills and taxes). Don't forget to add insurance premiums in your calculation buildings insurance and repayment protection insurance. This approach will give you a fair idea of the mortgage you are able to reasonably afford
How much deposit do lenders want?
The majority of mortgage companies will loan you a maximum of 90 percent of the purchase value of your intended property, meaning you need a 10% deposit. However, some lenders will grant you a 100% mortgage but this type of lending is less competitive and is in some ways an expensive solution to get a loan. A decent deposit of 15% or more, will present you with a large range of mortgage prospects with a more competitive rate
Taking a mortgage with a low credit history
A small group of mortgage providers provide mortgages for borrowers suffering from a low credit history (CCJs, defaults) These mortgage providers are called sub-prime lenders. They will consider any impaired credit applicant (arrears, ccj's). Based on the higher level of risk with offering a loan to people with impaired credit, these subprime mortgage companies charge a higher level of APR on the loan.
With an impaired credit history (CCJs, defaults, arrears) you have got to consider carefully regarding the expense of taking out a sub prime mortgage loan. You will need a bigger deposit of no less than 20 percent or more.
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