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Getting the correct mortgage broker can be a gruelling experience. The web could ease the application process in the majority of cases. Currently the vast majority of mortgage companies have a web site and can display their mortgage deals over the internet. You can make use of the world wide web to contact lenders to get assistance. The mortgage company's advisor will be able to assist you on a suitable
A basic understanding of a mortgage
In basic terms a mortgage product is an advance borrowed to purchase a property, paid back over an established term. The ordinary repayment period of a mortgage loan is twenty five years however it can be adapted to tie in with your personal situation.
A mortgage is composed of two separate components : the capital (the lump sum given) and the interest (the fee charged by the mortgage lender for the advantage of taking out the principal amount).
There are primarily 2 types of mortgages :
A repayment mortgage product repays both the principal and the interest of the mortgage during the life of the mortgage. If the defined monthly payments are made on time, a repayment mortgage ensures that the whole of the mortgage loan will be settled at the closing stage of the mortgage period.
An interest only mortgage pays back only the interest on the loan given - for this reason the "interest only" name. As the mortgage capital is not reimbursed monthly in this sort of mortgage loan, you must make your own preparation to guarantee the capital is returned before or at the end of the mortgage term. Standard methods of providing this sort of mortgage product are through savings products for example pension policies or otherwise the capital can be paid by the sale of the real estate.
Establishing which sort of loan repayment approach is most suited to you is in relation with your personal financial circumstances.
With a repayment mortgage product you have the guarantee that the property will be fully reimbursed at the end of the term. However, in the early stages of your mortgage the best part of your mortgage payments will be payment of interest rather than capital repayment. If you have to move house regulary or re-mortgage to get a more competitive rate, you could find that little of the principal amount is repaid.
With an interest-only mortgage, if your investment plans perform well, you could pay off the capital quicker than planned, reducing the duration of the loan and making a great saving. Ahead of reaching a decision about the sort of mortgage product which is best for you, we suggest that you speak to a qualified financial advisor.
How much can I borrow from a mortgage company?
Even though there are no defined rules as to what ceiling a lender is prepared to lend, generally if you plan to buy a property as your main place of residence, mortgage lenders may be willing to lend you about up to x 5 your joint gross annual revenue, based on your individual circumstances, such as employment status, your current level of borrowing ,etc…
Before you apply for a mortgage it is recommended to work on your budget featuring your monthly income and your monthly expenses such as utility bills, phone and mobile bills, food shopping, ongoing, loan repayments and any other costs you have every month. As part of this estimate the cost of your new property (including new runing cost / bills and taxes). Don't forget to include insurance costs in your budget buildings insurance and repayment protection insurance. Your budget will present you with a reasonable idea of the monthly repayment you have the capacity to reasonably afford
How much mortgage deposit do mortgage companies require?
The vast majority of mortgage companies will grant you up to 90% of the value of the house, meaning you will be required to provide a 10% deposit. Nevertheless some mortgage companies will advance you up to 100% but this type of lending is less attractive and is in some ways a very expensive method to get a mortgage loan. A good deposit of above 15%, will present you with a greater range of mortgage prospects with a more competitive interest rate
Taking a mortgage loan with a low credit record
A small group of mortgage companies can offer mortgages for applicants disadvantaged by a bad credit rating (arrears, ccj's) These lenders are called sub prime lenders. They will consider any bad credit applicant (default, arrears, ccj's). With the bigger level of risk involved in providing a mortgage to people with poor credit, these sub-prime mortgage lenders charge a top APR on the advance.
With a poor credit record (defaults, arrears, ccj's) you must think carefully about the cost of getting a sub-prime mortgage. You need a greater deposit of at least 25% or more.
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