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Finding the correct mortgage deal can be a demanding experience. Access to the web could improve the mortgage application process in most cases. Today a great number of mortgage companies have an online presence and can promote their mortgage services over the internet. You can use the world wide web to speak to mortgage brokers to request a personalised quote. The mortgage provider's agent should be able to advise you on the most suitable
A basic mortgage definition
In basic terms a mortgage is a monetary advance made available to pay for a house, to be repaid over a set amount of time. The standard repayment term of a mortgage is up to 25 years however it can be adapted to reflect your individual circumstances.
A mortgage is composed of two distinct parts : the principal (the lump sum borrowed) and the interest (the fee charged by the lender for the benefit of getting the lump sum borrowed).
There are primarily 2 categories of mortgage loans :
A repayment mortgage product pays back both the capital and the interest of the mortgage during the life of the mortgage. If the exact monthly repayments are made regulary and on time, a repayment mortgage assures that the full amount of the mortgage debt will be covered at the conclusion of the loan agreed duration.
An interest only mortgage pays off only the interest on the loan received - and so the "interest only" name. Since the principal mortgage amount is not reimbursed in this type of mortgage, you will need to make your own preparation to assure the capital is returned before or at the end of the mortgage agreed term. Usual ways of providing this sort of mortgage loan are by the use of savings or investments products such as pension plans or instead the principal can be reimbursed by the resale of the real estate.
Determining which kind of mortgage repayment approach is most appropriated depends on your personal employment and financial circumstances.
With a repayment mortgage you benefit from the peace of mind that the property will be totally repaid at the end of the loan. Yet in the early years of your mortgage the best part of your monthly payments will in fact be payment of interest rather than capital. If you plan to move home repeatedly or re-mortgage to reduce the interest rate, you could find that a small amount of the principal gets paid off.
With an interest-only mortgage, if your savings plans perform well, you can repay the capital sooner than projected, reducing the duration of the loan and as a result saving money on interest. Ahead of reaching a decision about the type of mortgage which is right for you, we encourage that you get in touch with an independent mortgage advisor.
How much can you receive from a mortgage lender?
Although there are no defined definitions as to what ceiling a lender is willing to lend, generally if you plan to purchase a real estate property as your main place of residence, mortgage providers may be willing to lend you about up to x 5 your joint annual income, depending on your individual situation, such as number of children you have, your credit rating ,etc…
Before you sign up to an agreement to take a mortgage you should to work on a budget listing your income and your monthly outgoings such as utility bills, phone and mobile bills, transport costs, current, personal loan repayments and any other costs you get during the month. Within this estimate the monthly cost of your new property (including different utility bills and council tax). Be sure to add all insurance premiums in your budget buildings insurance or mortgage insurance. Your budget will give you a reasonable idea of the amount you could sensibly afford
What amount of deposit do lenders require?
The vast majority of mortgage providers will give you no more than 90% of the purchase price of your new property, meaning you will need a ten percent deposit. On the other hand, a small number of mortgage providers will loan you a 100% mortgage but this type of lending is less advantageous and is in some instances an expensive option to get a loan. A large deposit of above 25%, will provide you a wider variety of mortgage solutions with a more attractive mortgage rate
Taking a mortgage with a poor credit record
Some mortgage lenders can arrange mortgages for people with a low credit file (CCJs) These mortgage companies are called sub-prime lending companies. They will consider any poor credit application (default, arrears, ccj's). With the greater level of risk involved in offering a loan to applicants with bad credit, these subprime lenders request a top level of interest (APR) on the loan.
With a low credit rating (CCJs, defaults, arrears) you ought to reflect cautiously about the expense of taking out a bad credit loan. You will be required to have a superior level of deposit of no smaller than 15 percent and above.
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