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Looking for a good mortgage solution can prove to be a tiring experience. The world wide web will smooth the mortgage process in the majority of cases. These days most mortgage brokers have an online representation and can introduce their benefits and rates over the internet. You can use the internet to get in touch with mortgage companies to get specific quotes. The mortgage provider's agent will be able to advise you on an appropriate
What is a mortgage?
In plain terms a mortgage product is a lump sum made available to acquire real estate, repaid over an established loan term. The ordinary repayment term of a mortgage loan is around 25 years but it can be reduced to meet your individual circumstances.
A mortgage is composed of two distinct parts : the principal (the lump sum taken) and the interest (the annual fee charged by the lender for the advantage of receiving the lump sum borrowed).
There are in essence two kinds of mortgages :
A repayment mortgage loan repays both the capital and the interest of the mortgage during the life of the mortgage. Provided that the agreed monthly repayments are made at the correct time, a repayment mortgage assures that the totality of the mortgage amount will be paid back at the close of the mortgage agreed duration.
An interest only mortgage pays back only the interest on the loan given - hence the "interest only" name. Since the principal amount is not repaid monthly in this sort of mortgage loan, you will need to make your own preparation to ensure the capital is reimbursed before or at the end of the mortgage repayment period. Popular methods of organising this type of mortgage capital are by means of savings products for instance endowment policies (also known as Endowment Mortgages) or alternatively the principal could be provided by the sale of the property.
Knowing which sort of loan repayment method is the best for you is governed by your personal employment and financial situation.
With a repayment mortgage product you benefit from the peace of mind that the property will be totally reimbursed at the end of the mortgage. However, in the early years of your mortgage the greater part of your mortgage payments will end up being payment of interest rather than the principal amount. If you plan to move house repeatedly or remortgage to secure a better mortgage rate, you can discover that a small percentage of the capital gets paid off.
With an interest-only mortgage product, if your investments or savings vehicles perform better that imagined, you could repay the capital quicker than planned, cutting down the borrowing terms of mortgage and as a result saving money on interest. Prior to making a decision about the sort of mortgage which is the most suitable for you, we advise that you contact a fully qualified financial advisor.
What amount can you receive from a mortgage company?
Whereas there are no exact rules as to how much a mortgage company is willing to lend, generally if you want to purchase a home for you and your family as your principal residence, mortgage providers could offer you an monetary advance of around 3 times your gross annual salary, based on your individual circumstances, such as employment status, your credit history ,etc…
Before you take up an application to get a loan you are advised to make your budget outlining your income and your bills such as gas and electricity bills, phone bills, supermarket bills, existing, debt repayments and any ofther bills you have each month. As part of this calculate the monthly cost of a new house (including different runing cost / bills and council tax). Be sure to include all insurances in your budget home insurance and repayment protection. Your accounts will give you a clear idea of the amount you may be able to practically afford
How much mortgage deposit do mortgage companies want?
Most mortgage companies will advance you a maximum of 90 percent of the purchase value of the house, meaning you will be required to have a 10% deposit. On the other hand, a few mortgage companies will loan you a 100% mortgage but this type of mortgage is less competitive and is in some cases a very expensive way to get a mortgage. A decent deposit of above 25%, will present you with a wider variety of mortgage offers, with a more attractive mortgage interest rate
Getting a mortgage loan with a low credit rating
Some mortgage providers can offer mortgages for people suffering from a poor credit rating (CCJs) These mortgage providers are called sub-prime lending companies. They will review any impaired credit mortgage application (CCJs, defaults, arrears). Based on the higher risk with providing a loan to people with poor credit, these sub prime mortgage providers demand a top level of interest rate on the advance.
With an adverse credit history (CCJs, defaults, arrears) you must consider thoroughly concerning the cost of getting a sub prime mortgage. You need a superior level of deposit of in some cases 20 percent and above.
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