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Looking for the right mortgage may be a difficult task. The web will end up speed up the mortgage process in most cases. Currently many mortgage lenders have an online web site and can display their services and benefits over the web. You can use the web to get through to mortgage providers to gather further information. The mortgage provider's representative should be able to advise you on the right
Mortgage basics
In basic terms a mortgage product is a monetary advance provided to pay for a property, paid back over a specified loan term. The normal term of a mortgage advance is between 20 and 25 years but it can be reduced to tie in with your individual situation.
A mortgage is made up of two definite parts : the capital (the amount given) and the interest (the annual fee charged by the lender for the benefit of taking out the amount borrowed).
There are to all intents and purposes 2 types of mortgages :
A repayment mortgage pays off both the capital and the interest over the term of the mortgage. Providing the agreed monthly payments are made regulary and on time, a repayment mortgage product certifies that the entirety of the mortgage debt will be cleared at the closing of the mortgage agreed period.
An interest only mortgage repays only the interest on the amount given - hence the "interest only" name. Since the principal mortgage amount is not included in this sort of mortgage loan, you need to make your own arrangements to guarantee the capital is returned before or at the end of the mortgage agreed duration. Usual ways of organising this type of mortgage loan are with savings plans for example ISAs or instead the principal can be repaid by the resale of the real estate.
Determining which kind of loan repayment method is most appropriated is subject to your personal financial and employement situation.
With a repayment mortgage you benefit from the assurance that your property will be fully repaid at the end. Yet at the start of your loan the best part of your repayments will in fact be payment of interest rather than capital. If you plan to move home on a regular basis or re-mortgage to benefit from a better rate, you can find out that a small percentage of the capital is reimbursed.
With an interest-only mortgage, if your investment vehicles perform better that imagined, you could pay off the capital sooner than planned, cutting down the length of the loan and as a result saving money on interest. Prior to making a decision about the type of mortgage product which is right for you, we encourage that you contact a fully qualified financial advisor.
How much can you receive from a mortgage lender?
Whereas there are no exact rules as to what amount a mortgage company wishes to lend, normally if you plan to purchase a real estate property for yourself, lenders could offer you a mortgage around x 3 your joint gross annual salaries, depending on your personal situation, such as employment status, your current level of debt ,etc…
Before you enter an agreement to get a mortgage it is advised to draw up your budget outlining your monthly income and your expenses such as electricity bills, phone bills, supermarket bills, ongoing, car loan repayments and any other costs you get during the month. Within this estimate the monthly cost of a new house (including new utility bills and council tax). Be sure to add all insurance premiums in your calculation life insurance or mortgage insurance. Your budget will present you with a better idea of the monthly repayment you can afford
What amount of deposit do mortgage companies want?
The greater part of mortgage lenders will advance you no more than 90% of the value of your intended property, meaning you will be required to provide a 10% deposit. Nevertheless a minority of mortgage companies will give you a 100% mortgage but this kind of mortgage is less competitive and is in some instances an expensive option to get a mortgage. A larger deposit of above 25%, will give you access to a wider choice of mortgage opportunities with a more competitive rate
Applying for a mortgage with a low credit history
A minority of mortgage lenders offer lending for borrowers disadvantaged by a poor credit record (CCJs) These mortgage companies are called subprime lending companies. They will consider any bad credit application (ccj's / arrears). With the higher risk with offering a mortgage to people with bad credit, these subprime mortgage companies require a higher APR on the mortgage.
With a low credit record (defaults, arrears, ccj's) you should reflect cautiously about the expense of getting a sub-prime mortgage. You will need a bigger deposit of a minimum of 20 percent and above.
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