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Getting a suitable mortgage solution may be a challenging task. Access to the internet could end up improve the mortgage application process in most cases. In this day and age a great number of mortgage providers have an online representation and can present their services and benefits over the internet. You can make use of the web to get in touch with mortgage lenders to ask for a quote. The mortgage lender's representative should be able to assist you on an appropriate
A basic understanding of a mortgage
In simple terms a mortgage product is a personal loan organised to buy a home, paid back over an established amount of time. The usual repayment term of a mortgage is twenty five years but it can be adapted to reflect your situation.
A mortgage is composed of two separate parts : the capital (the amount received) and the interest (the monthly fee charged by the mortgage provider for the benefit of receiving the lump sum borrowed).
There are basically two categories of mortgages :
A repayment mortgage pays off both the principal and the interest of the mortgage over the agreed term of the mortgage. Given that the exact monthly repayments are paid on time, a repayment mortgage product ensures that the whole of the mortgage loan will be paid back at the close of the loan agreed period.
An interest only mortgage repays only the interest on the amount taken out - for this reason the "interest only" name. Due to the fact the principal amount is not reimbursed in this type of mortgage loan, you must make your own plan to assure the principal is paid before or at the end of the mortgage agreed duration. Popular approaches of arranging the interest-only mortgage loan are by means of investments or savings plans such as endowment policies (also known as Endowment Mortgages) or otherwise the principal can be reimbursed by the resale of the house.
Determining which sort of loan repayment method is the best for you is subject to your personal financial and employement circumstances.
With a repayment mortgage product you benefit from the assurance that the property will be totally repaid at the end. On the other hand in the early stages of your mortgage the best part of your repayments will end up being payment of interest rather than capital. If you plan to move house repeatedly or re-mortgage to get a more competitive rate, you may find that a small percentage of the principal is repaid.
With an interest-only mortgage loan, if your savings or investments vehicles perform better than anticipated, you could reimburse the capital sooner than anticipated, decreasing the duration of mortgage and making a great saving. Prior to deciding about the kind of mortgage product which is right for you, we advise that you contact a fully qualified mortgage advisor.
How much can you borrow from a mortgage company?
While there are no set guidelines as to what amount a mortgage company is willing to lend, generally if you plan to purchase a property as your main place of residence, mortgage lenders may lend you about 3 times your gross annual salary, depending on your individual circumstances, such as employment status, your current level of debt ,etc…
Before you take up an application for a mortgage it is recommended to work on a budget outlining your salary and your monthly expenses such as utility bills, phone and mobile bills, food shopping, ongoing, unsecured loan repayments and any other costs you have every month. Within this budget for the monthly cost of a new property (including different utility bills and taxes). Be sure to include insurance costs in your budget life insurance and repayment protection insurance. Your financial budget will provide you with a clear idea of the repayment you are able to really afford
What amount of mortgage deposit do lenders want?
Most lenders will give you up to 90 percent of the purchase value of the property, meaning you will be required to have a 10% deposit. Nevertheless a minority of lenders will offer you up to 100% but this kind of lending is less advantageous and is in some cases a very expensive solution to get a loan. A bigger deposit of more than 25%, will provide you a greater variety of mortgage prospects with a more competitive interest rate
Taking a mortgage with a poor credit record
A small number of mortgage companies offer lending for people disadvantaged by a bad credit file (CCJs, defaults, arrears) These mortgage companies are called subprime lenders. They will consider any poor credit applicant (CCJs, defaults, arrears). Due to the greater level of risk with providing a mortgage to applicants with adverse credit, these sub prime mortgage companies request a top level of interest (APR) on the mortgage loan.
With an adverse credit rating (ccj's / arrears) you need to consider thoroughly about the expense of applying for a sub-prime mortgage loan. You need to have a superior level of deposit of no less than 15% or more.
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