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Finding the correct mortgage product can prove to be a difficult experience. Access to the internet can facilitate the process in the majority of cases. At the present time a great number of mortgage brokers have an online presence and can display their best mortgage offers over the internet. Take advantage of the internet to get in touch with mortgage lenders to ask for further information. The mortgage broker's advisor should be able to help you on an appropriate
A basic mortgage definition
In plain terms a mortgage is a loan borrowed to acquire a home, paid back over a defined term. The general repayment period of a mortgage advance is 25 years however it can be revised to meet your individual situation.
A mortgage is composed of two clear parts : the principal (the amount taken) and the interest (the annual fee charged by the mortgage lender for the advantage of receiving the lump sum borrowed).
There are in essence two categories of mortgage loans :
A repayment mortgage product pays off both the principal and the interest over the term of the mortgage. On the condition that the agreed monthly repayments are met in good time, a repayment mortgage offers the assurance that the totality of the mortgage amount will be paid back at the conclusion of the loan agreed term.
An interest only mortgage pays back only the interest on the advance borrowed - hence the "interest only" name. Since the mortgage capital is not repaid in this kind of mortgage product, you have to make your own preparation to ensure the principal is paid back before or at the end of the mortgage agreed duration. Standard methods of organising this kind of mortgage loan are by the use of savings plans for instance ISAs or the principal may be provided by the resale of the real estate.
Knowing which sort of loan repayment method is most appropriated depends on your individual employment and financial circumstances.
With a repayment mortgage loan you have the guarantee that the property will be fully reimbursed at the end of the loan. Yet in the first few years of your loan the best part of your monthly repayments will be payment of interest rather than repayment of the principal amount. If your plan is to move home regulary or remortgage to benefit from a better rate, you can discover that little of the capital loan gets paid off.
With an interest-only mortgage, if your investments or savings vehicles perform better that predictade, you could repay the principal quicker than anticipated, reducing the length of the loan and as a benefit, reducing the amount of interest paid to the lender. Prior to deciding about the sort of mortgage product which is the most suitable for you, we encourage that you contact an independent mortgage advisor.
What amount can you obtain from a mortgage company?
While there are no exact guidelines as to what level a mortgage company is prepared to lend, generally if you plan to purchase a property as your main place of residence, mortgage companies could offer you an advance of about up to x 4 your annual income, based on your individual circumstances, such as number of children you have, your credit rating ,etc…
Before you take up an application for a mortgage you should to make your family budget listing your income and your monthly outgoings such as utility bills, telephone bills, transport costs, existing, debt repayments and any ofther bills you have during the month. Within this budget for the monthly cost of a new home (including new runing cost / bills and taxes). Make sure to add insurance premiums in your calculation home insurance and mortgage insurance. This method will present you with a good idea of the amount you could plausibly afford
What amount of deposit do lenders want?
The vast majority of mortgage companies will loan you no more than 90 percent of the value of your prospective home, meaning you need a 10% deposit. However, a small group of mortgage companies will advance you a 100% mortgage but this sort of mortgage is less advantageous and is in some ways an expensive option to get a mortgage loan. A decent deposit of 15% or more, will present you with a competive range of mortgage solutions with a more competitive rate
Getting a mortgage loan with a bad credit rating
A small number of mortgage lenders offer mortgage loans for people disadvantaged by a low credit file (CCJs) These mortgage companies are called subprime lenders. They will consider any low credit application (CCJs, defaults, arrears). With the bigger risk with lending to people with poor credit, these sub-prime mortgage lenders require an elevated level of APR on the advance.
With a low credit history (defaults, arrears, ccj's) you must consider cautiously regarding the cost of applying for a sub-prime loan. You need to secure a larger deposit of no lower than 20 percent and above.
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