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Searching for an appropriate mortgage may be a tough experience. The web will simplify the experience in the majority of cases. Currently an increasing number of mortgage companies have an online presence and can publish their mortgage services over the internet. Use the internet to make contact with mortgage brokers to compare mortgage products. The lender's agent should be able to advise you on an appropriate
A basic understanding of a mortgage
In basic terms a mortgage product is a lump sum borrowed to pay for a home, paid back over a set period. The common term of a mortgage loan is up to 25 years however it can be reduced to reflect your individual situation.
A mortgage is composed of two separate elements : the capital (the lump sum borrowed) and the interest (the monthly fee charged by the mortgage provider for the advantage of taking out the capital).
There are in effect two categories of mortgage products :
A repayment mortgage loan repays both the principal and the interest during the life of the mortgage. If the exact monthly repayments are met on time, a repayment mortgage loan assures that the whole of the mortgage debt will be paid at the conclusion of the mortgage agreed duration.
An interest only mortgage repays only the interest on the monetary advance taken out - for this reason the "interest only" name. As the principal amount is not regulary repaid in this kind of mortgage loan, you have to make your own plan to assure the principal is reimbursed before or at the end of the mortgage term. Common ways of providing the interest-only mortgage are by means of savings or investments products such as endowment policies (also known as Endowment Mortgages) or instead the principal could be reimbursed by the resale of the real estate.
Establishing which kind of loan repayment method is the best for you depends on your personal financial circumstances.
With a repayment mortgage loan you benefit from the peace of mind that your home will be totally repaid at the end. Yet at the start of your loan most of your monthly repayments will end up being payment of interest rather than capital. If your plan is to move house on a regular basis or remortgage to benefit from a better rate, you may find that a small percentage of the capital gets paid off.
With an interest-only mortgage, if your savings plans perform well, you could repay the capital quicker than planned, reducing the length of mortgage and making a great saving. Prior to reaching a decision about the kind of mortgage which is right for you, we advise that you get in touch with a fully qualified mortgage advisor.
What amount can I obtain from a mortgage lender?
In spite of the fact that there are no defined rules as to how much a lender is ready to lend, usually if you plan to purchase a property for you and your family, mortgage companies may lend you around 3 times your gross annual revenue, depending on your individual situation, such as employment status, your credit rating ,etc…
Before you proceed with signing to take a mortgage it is advised to draw up your family budget detailing your salary and your monthly spending such as utility bills, phone bills, transport costs, current, unsecured loan repayments and any ofther bills you have every month. As part of this account for the monthly cost of your new home (including new utility bills and council tax). Make sure to add insurance premiums in your calculation home insurance or repayment protection insurance. This approach will give you a fair idea of the amount you might be able to practically afford
How much mortgage deposit do I need?
The vast majority of mortgage companies will loan you a maximum of 90% of the purchase price of the property, meaning you will be required to have a ten percent deposit. On the other hand, a few mortgage companies will give you up to 100% but this kind of mortgage loan is less attractive and is in some instances an expensive method to get a mortgage. A large deposit of 15% and above, will give you access to a wider variety of mortgage opportunities with the most attractive interest rates
Getting a mortgage loan with a bad credit rating
A small group of mortgage providers offer lending for applicants disadvantaged by a low credit file (CCJs, defaults, arrears) These lenders are called sub prime lending companies. They will consider any bad credit application (ccj's / arrears). With the larger risk with providing a loan to people with poor credit, these sub-prime mortgage providers demand a superior level of interest (APR) on the mortgage loan.
With a low credit record (CCJs, defaults) you must consider cautiously about the cost of applying for a sub-prime mortgage. You need to secure a bigger deposit of in some instances 20 percent and above.
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