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Looking for a good mortgage solution can be a complicated process. The world wide web could end up smooth the process in most cases. In this day and age the great majority of mortgage companies have an internet presence and can introduce their best mortgage offers over the web. You can take advantage of the web to make contact with mortgage intermediaries to compare mortgage options. The lender's representative will be able to advise you on the most suitable
A basic understanding of a mortgage
In plain terms a mortgage is a lump sum taken to acquire real estate, repaid over an established term. The typical term of a mortgage loan is twenty five years however it can be varied to reflect your personal circumstances.
A mortgage is made up of two noticeable components : the principal (the lump sum received) and the interest (the annual fee charged by the lender for the benefit of getting the lump sum borrowed).
There are in essence 2 sorts of mortgage products :
A repayment mortgage loan pays back both the principal and the interest during the period of the mortgage. If the agreed monthly repayments are paid in good time, a repayment mortgage product offers the assurance that the whole of the mortgage debt will be paid off at the completion of the loan agreed term.
An interest only mortgage repays only the interest on the loan taken out - hence the "interest only" name. As the principal mortgage amount is not repaid in this kind of mortgage loan, you need to make your own preparation to ensure the capital is paid back before or at the end of the mortgage agreed period. Popular ways of arranging this kind of mortgage product are through investments or savings products for example endowment policies (also known as Endowment Mortgages) or alternatively the capital can be repaid by the sale of the house.
Knowing which type of loan repayment method is the best for you can be governed by your personal employment and financial circumstances.
With a repayment mortgage product you benefit from the certitude that your house will be totally repaid at the end of the mortgage. Still in the first few years of your loan the bulk of your mortgage payments will in fact be payment of interest rather than capital. If you have to move house on a regular basis or re-mortgage to get more flexibility, you can discover that a small amount of the principal is reimbursed.
With an interest-only mortgage, if your investment vehicles perform better than expected, you could repay the principal sooner than projected, bringing down the borrowing terms of mortgage and as a benefit, reducing the amount of interest paid to the lender. Prior to deciding about the type of mortgage product which is best for you, we encourage that you get in touch with a fully qualified financial advisor.
How much can we receive from a mortgage company?
Whereas there are no exact rules as to what level a mortgage company wishes to lend, generally if you want to buy a home for you and your family, mortgage lenders may be willing to lend you around a maximum of x 5 your joint gross annual salaries, depending on your individual circumstances, such as number of children you have, your credit history ,etc…
Before you enter an agreement to get a loan you are advised to work on your family budget detailing your different incomes and your spending such as gas and electricity bills, telephone bills, the cost of your car, current, personal loan repayments and any ofther bills you get every month. Within this estimate the cost of a new home (including different utility bills and taxes). Be sure to add insurances in your plan home insurance or mortgage protection insurance. This method will give you a reasonable idea of the monthly repayment you have the capacity to afford
How much deposit do lenders require?
Often lenders will lend you a maximum of 90 percent of the purchase value of your intended property, meaning you will need a 10% deposit. On the other hand, some mortgage lenders will offer you up to 100% but this kind of mortgage loan is less advantageous and is in some cases an expensive way to get a loan. A bigger deposit of 15% or more, will present you with a bigger variety of mortgage offers, with a more attractive mortgage rate
Applying for a mortgage with a low credit record
Some lenders provide lending for applicants disadvantaged by a impaired credit file (CCJs, defaults) These lenders are called sub prime lenders. They will consider any impaired credit application (CCJs, defaults, arrears). Based on the greater level of risk involved in offering a loan to people with adverse credit, these sub prime mortgage companies request an elevated interest rate on the mortgage.
With a poor credit record (ccj's / arrears) you ought to think carefully concerning the cost of taking out a subprime loan. You need to have a larger deposit of no less than 15% and above.
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