Compare UK Self Employed Mortgages
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Getting a good mortgage deal can prove to be a complex experience. Access to the web can improve the mortgage application process in most cases. Currently the great majority of mortgage lenders have an online presence and can display their mortgage deals over the internet. Take advantage of the web to get through to mortgage intermediaries to gather further information. The lender's advisor will be able to assist you on the right
A basic understanding of a mortgage
In basic terms a mortgage is an advance given to pay for real estate, paid back over a specified period. The typical repayment term of a mortgage is between 20 and 25 years but it can be modified to tie in with your circumstances.
A mortgage is made up of two definite components : the capital (the amount received) and the interest (the fee charged by the lender for the advantage of getting the principal amount).
There are in actual fact two categories of mortgages :
A repayment mortgage product pays off both the capital and the interest of the loan during the life of the mortgage. On the condition that the agreed monthly repayments are met on time, a repayment mortgage offers the assurance that the totality of the mortgage debt will be repaid at the closing of the mortgage agreed period.
An interest only mortgage repays only the interest on the lump sum borrowed - and so the "interest only" name. As the principal mortgage amount is not repaid in this kind of mortgage, you have to make your own provision to assure the capital is reimbursed before or at the end of the mortgage repayment period. Common ways of arranging this type of mortgage loan are by the use of investments or savings products for instance pension policies or otherwise the principal can be provided by the sale of other assets.
Establishing which type of mortgage loan repayment approach is most suited to you can be governed by your individual financial situation.
With a repayment mortgage product you benefit from the certitude that your property will be fully reimbursed at the end of the mortgage. Yet in the first few years of your loan the bulk of your mortgage payments will be payment of interest rather than capital. If you have to move property regulary or remortgage to get a more competitive rate, you could find that a small percentage of the capital gets paid off.
With an interest-only mortgage loan, if your investment plans perform better than expected, you could reimburse the principal quicker than planned, slashing the borrowing terms of mortgage and as a benefit, reducing the amount of interest paid to the lender. Before deciding about the kind of mortgage product which is best for you, we recommend that you get in touch with a fully qualified financial advisor.
How much can I borrow from a mortgage company?
While there are no set definitions as to what level a mortgage company wishes to lend, normally if you plan to aquire a house for you and your family as your principal residence, mortgage providers could offer you an advance of around 3 times your joint gross annual revenue, depending on your individual situation, such as employment status, your current level of debt ,etc…
Before you proceed with an application to get a loan you should to make your accounts featuring your different incomes and your spending such as electricity bills, telecom bills, food and clothing costs, ongoing, car loan repayments and any ofther bills you get every month. Within this account for the monthly cost of your new property (including new utility bills and council tax). Be sure to include insurances in your plan buildings insurance or repayment protection. This method will present you with a fair idea of the mortgage you could afford
What amount of deposit do I need?
The greater part of building societies will advance you a maximum of 90% of the purchase value of your new property, meaning you will be required to provide a 10% deposit. However, a few lenders will loan you up to 100% but this sort of loan is less attractive and is in some ways an expensive way to get a mortgage loan. A larger deposit of more than 15%, will give you a greater range of mortgage prospects with the most attractive rates
Getting a mortgage with a bad credit history
A small number of mortgage lenders provide lending for borrowers suffering from a bad credit rating (CCJs, defaults) These lenders are called sub-prime lending companies. They will review any poor credit application (ccj's / arrears). Based on the higher risk involved in offering a mortgage to applicants with low credit, these subprime mortgage lenders charge a top interest rate on the advance.
With an adverse credit rating (defaults, arrears, ccj's) you must think carefully regarding the expense of getting a sub-prime mortgage. You need a greater deposit of in some cases 20% and above.
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