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Looking for the right mortgage solution may end up being a complex process. Access to the internet could improve the mortgage process in most cases. Today the vast majority of mortgage lenders have an online representation and can display their typical mortgage rates over the internet. You can take advantage of the world wide web to make contact with mortgage companies to get specific quotes. The mortgage intermediary's advisor should be able to help you on the best
A basic mortgage definition
In basic terms a mortgage is an advance taken to pay for a property, to be repaid over a defined loan term. The normal repayment term of a mortgage advance is around 25 years but it can be revised to meet your individual circumstances.
A mortgage is made up of two distinct elements : the principal (the lump sum taken) and the interest (the annual fee charged by the mortgage provider for the benefit of receiving the amount borrowed).
There are to all intents and purposes two types of mortgage products :
A repayment mortgage product pays off both the principal and the interest of the mortgage during the term of the mortgage. Provided that the exact monthly repayments are made in good time, a repayment mortgage guarantees that the whole of the amount borrowed will be settled at the close of the mortgage period.
An interest only mortgage repays only the interest on the amount received - for this reason the "interest only" name. Due to the fact the principal amount is not reimbursed in this kind of mortgage loan, you need to make your own plan to assure the principal is paid before or at the end of the mortgage agreed duration. Common ways of providing this type of mortgage loan are through savings or investments products for instance endowment policies (also known as Endowment Mortgages) or the capital may be reimbursed by the resale of the real estate.
Establishing which kind of loan repayment approach is right for you is in relation with your individual employment and financial circumstances.
With a repayment mortgage product you benefit from the peace of mind that your property will be fully repaid at the end of the loan. On the other hand in the early stages of your mortgage the best part of your monthly payments will end up being payment of interest rather than capital. If you have to move home regulary or re-mortgage to benefit from a better interest rate, you may find that a small percentage of the principal is repaid.
With an interest-only mortgage product, if your investments or savings plans perform better that imagined, you can pay off the capital faster than projected, reducing the term of mortgage and as a result saving money on interest. Prior to making a decision about the type of mortgage which is the most suitable for you, we advise that you get in touch with a qualified mortgage advisor.
What amount can you borrow from a mortgage company?
Whilst there are no defined definitions as to how much a provider is ready to lend, commonly if you plan to buy a property for yourself, mortgage lenders could lend around a maximum of 5 times your gross annual revenue, based on your personal situation, such as employment status, your current level of borrowing ,etc…
Before you apply to get a mortgage you are advised to work on your budget listing your salary and your bills such as gas and electricity bills, telephone bills, the cost of your car, ongoing, unsecured loan repayments and any ofther bills you get every month. Within this estimate the monthly cost of a new house (including different runing cost / bills and taxes). Don't forget to add all insurances in your plan life insurance or mortgage insurance. Your accounts will provide you with a fair idea of how much you can realistically afford
How much deposit do mortgage lenders require ?
Often mortgage companies will give you a maximum of 90% of the value of your intended property, meaning you need a 10% deposit. On the other hand, a minority of lenders will loan you up to 100% but this sort of mortgage loan is less competitive and is in some cases a very expensive option to get a loan. A decent deposit of 15% and above, will give you access to a bigger choice of mortgage solutions with the most attractive mortgage rates
Getting a mortgage loan with a poor credit history
A minority of mortgage providers offer lending for people disadvantaged by a low credit record (CCJs) These lenders are called sub prime lenders. They will review any poor credit applicant (ccj's / arrears). With the greater level of risk involved in offering a loan to applicants with adverse credit, these sub prime mortgage lenders require an elevated interest (APR) on the loan.
With a poor credit record (CCJs, defaults) you have got to think carefully about the cost of applying for a poor credit loan. You need a larger deposit of at least 25percent or more.
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