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Searching for the right mortgage company can prove to be a challenging task. The world wide web could simplify the task in the majority of cases. Today most mortgage intermediaries have an online representation and can present their best mortgage offers over the web. You can make use of the internet to contact mortgage brokers to ask for further information. The mortgage intermediary's agent should be able to help you on the most suitable
What is a mortgage?
In simple terms a mortgage product is a monetary lump sum arranged to purchase a property, to be repaid over a set amount of time. The typical term of a mortgage loan is around 25 years however it can be varied to reflect your personal circumstances.
A mortgage is composed of two definite components : the principal (the amount borrowed) and the interest (the amount charged by the lender for the advantage of getting the lump sum borrowed).
There are in effect two types of mortgages :
A repayment mortgage loan pays back both the principal and the interest of the mortgage during the life of the mortgage. Assuming that the exact monthly repayments are made regulary and on time, a repayment mortgage product guarantees that the full amount of the mortgage amount will be paid at the completion of the loan agreed period.
An interest only mortgage repays only the interest on the loan taken out - and so the "interest only" name. Due to the fact the capital is not reimbursed monthly in this type of mortgage, you must make your own preparation to assure the principal is covered before or at the end of the mortgage agreed term. Standard approaches of managing this style of mortgage are through savings products such as pension policies or the capital may be reimbursed by the resale of the real estate.
Knowing which type of loan repayment approach is right for you is in relation with your personal financial and employement situation.
With a repayment mortgage loan you benefit from the guarantee that your home will be totally repaid at the end. On the other hand in the early years of your mortgage the majority of your repayments are payment of interest rather than the principal amount. If you plan to move home repeatedly or re-mortgage to obtain a better deal, you may find that a small amount of the principal is repaid.
With an interest-only mortgage, if your investments or savings plans perform well, you can pay off the capital faster than expected, slashing the term of mortgage and as a benefit, reducing the amount of interest paid to the lender. Ahead of deciding about the style of mortgage which is right for you, we advise that you get in touch with a qualified mortgage advisor.
What amount can we take out from a mortgage lender?
Despite the fact that there are no exact guidelines as to what amount a provider is willing to lend, generally if you plan to purchase a real estate property for yourself, lenders could offer you an monetary advance of around x 3.5 your annual income, based on your individual situation, such as number of children you have, your current level of debt ,etc…
Before you proceed with signing to borrow money you should to draw up a budget listing your different incomes and your expenses such as utility bills, telephone bills, food shopping, existing, loan repayments and any other costs you have each month. Within this account for the monthly cost of a new home (including new utility bills and taxes). Don't forget to add insurances in your budget life insurance and / or repayment protection. This method will present you with a good idea of the mortgage repayment you have the capacity to really afford
What amount of mortgage deposit do mortgage lenders require ?
The best part of lenders will grant you a maximum of 90 percent of the purchase price of the property, meaning you will be required to have a ten percent deposit. On the other hand, some mortgage providers will lend you up to 100% but this kind of mortgage is less attractive and is in some instances a very expensive option to get a loan. A bigger deposit of 15% or more, will provide you a competive variety of mortgage solutions with a more competitive interest rate
Applying for a mortgage loan with a poor credit history
A small group of mortgage lenders specialise in mortgage loans for borrowers suffering from a poor credit file (CCJs) These lenders are called sub-prime lenders. They will consider any adverse credit applicant (CCJs, defaults). Due to the bigger level of risk involved in lending to applicants with impaired credit, these subprime lenders require a higher level of APR on the loan.
With an impaired credit record (defaults, arrears, ccj's) you have got to reflect carefully regarding the cost of applying for a subprime loan. You need to have a superior level of deposit of at least 20 percent or more.
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