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Getting an appropriate mortgage may end up being a time consuming process. Access to the internet can end up ease the mortgage process in most cases. Currently a great number of lenders have an online web site and can publish their mortgage services over the web. You can make use of the internet to make contact with mortgage providers to get specific quotes. The mortgage provider's advisor should be able to advise you on a suitable
A basic understanding of a mortgage
In simple terms a mortgage product is a personal loan given to purchase a property, repaid over a specified amount of time. The standard repayment period of a mortgage advance is around 25 years but it can be reduced to tie in with your individual situation.
A mortgage is composed of two clear parts : the principal (the lump sum received) and the interest (the monthly fee charged by the mortgage company for the advantage of receiving the lump sum borrowed).
There are in essence 2 categories of mortgage products :
A repayment mortgage loan repays both the principal and the interest of the loan over the agreed term of the mortgage. Assuming that the exact monthly repayments are paid at the correct time, a repayment mortgage promises that the full amount of the amount borrowed will be paid back at the end of the mortgage term.
An interest only mortgage pays off only the interest on the advance received - for this reason the "interest only" name. As the mortgage capital is not reimbursed monthly in this type of mortgage product, you have to make your own provision to assure the principal is paid before or at the end of the mortgage agreed period. Standard methods of arranging the interest-only mortgage product are via investments or savings products such as endowment policies or instead the capital could be repaid by the resale of other assets.
Knowing which kind of mortgage loan repayment approach is most appropriated is governed by your individual financial situation.
With a repayment mortgage product you have the peace of mind that the property will be totally repaid at the end of the term. However, in the first few years of your mortgage the majority of your monthly repayments are payment of interest rather than capital repayment. If you have to move home repeatedly or remortgage to get more flexibility, you can discover that little of the principal gets paid off.
With an interest-only mortgage product, if your investments or savings plans perform better that predictade, you can repay the capital sooner than anticipated, lessening the term of mortgage and as a result saving money on interest. Ahead of reaching a decision about the type of mortgage product which is the most suitable for you, we advise that you get in touch with a fully trained financial advisor.
What amount can you receive from a mortgage company?
Although there are no set rules as to what level a mortgage company is ready to lend, in general if you want to aquire a property for yourself as your main place of residence, lenders could be willing to lend you about 3 times your joint gross annual salaries, based on your individual situation, such as number of children you have, your current level of debt ,etc…
Before you enter an agreement to take a mortgage it is advised to draw up a budget itemising the amount you take home and your spending such as gas and electricity bills, telecom bills, the cost of your car, existing, debt repayments and any ofther bills you get each month. Within this estimate the monthly cost of a new house (including different runing cost / bills and taxes). Make sure to add all insurances in your plan house insurance and repayment protection. This approach will present you with a better idea of the mortgage you may be able to plausibly afford
What amount of deposit do mortgage lenders want ?
The best part of mortgage providers will offer you up to 90% of the purchase value of the house, meaning you need a ten percent deposit. On the other hand, some mortgage companies will give you up to 100% but this sort of lending is less competitive and is in some cases an expensive option to get a loan. A larger deposit of 15% and above, will give you access to a wider choice of mortgage prospects with a more attractive mortgage interest rate
Applying for a mortgage with a poor credit record
A small number of mortgage companies specialise in mortgages for people with a adverse credit record (CCJs) These lenders are called subprime lending companies. They will review any low credit mortgage applicant (CCJs, defaults). With the greater risk with offering a mortgage to applicants with adverse credit, these sub prime mortgage lenders require a top interest (APR) on the loan.
With an adverse credit record (CCJs, defaults) you should think carefully about the cost of applying for a sub prime mortgage. You need to have a higher level of deposit of no less than 20% or more.
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