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Searching for a suitable mortgage deal can be a gruelling experience. The internet can end up simplify the application process in the majority of cases. These days the vast majority of mortgage companies have an online presence and can present their mortgage deals over the internet. You can make use of the web to speak to mortgage providers to ask for advice. The mortgage broker's advisor should be able to assist you on the best
Mortgage basics
In simple terms a mortgage is a lump sum taken to purchase a home, paid back over a defined term. The normal term of a mortgage advance is between 20 and 25 years but it can be adapted to reflect your individual circumstances.
A mortgage is composed of two distinct components : the capital (the lump sum taken) and the interest (the amount charged by the mortgage company for the benefit of taking out the lump sum borrowed).
There are essentially two categories of mortgage loans :
A repayment mortgage product repays both the principal and the interest of the loan over the duration of the mortgage. Provided that the exact monthly repayments are met regulary and on time, a repayment mortgage loan guarantees that the totality of the mortgage amount will be cleared at the completion of the mortgage period.
An interest only mortgage pays off only the interest on the loan taken out - therefore the "interest only" name. Since the mortgage capital is not included in this kind of mortgage, you need to make your own preparation to ensure the principal is returned before or at the end of the mortgage agreed term. Common ways of arranging this sort of mortgage loan are using savings products for example endowment policies or otherwise the principal can be provided by the sale of the property.
Knowing which type of mortgage loan repayment approach is most suited to you is governed by your personal financial circumstances.
With a repayment mortgage you benefit from the guarantee that your house will be fully repaid at the end of the loan. Nevertheless at the beginning of your loan the bulk of your mortgage payments will be payment of interest rather than the principal amount. If you have to move property repeatedly or re-mortgage to get a better mortgage deal, you could find that little of the capital amount gets paid off.
With an interest-only mortgage loan, if your savings or investments plans outperform your mortgage rates, you could repay the capital faster than planned, decreasing the length of the loan and as a result saving money on interest. Before deciding about the kind of mortgage which is right for you, we advise that you contact an independent mortgage advisor.
How much can we take out from a mortgage lender?
In spite of the fact that there are no set guidelines as to what amount a lender is prepared to lend, usually if you plan to aquire a real estate property as your main place of residence, mortgage companies could offer you an advance of about a maximum of x 5 your joint annual income, based on your individual circumstances, such as number of children you have, your credit rating ,etc…
Before you enter an agreement to borrow money it is advised to work on a budget outlining the amount you take home and your monthly expenses such as electricity bills, phone and mobile bills, food and clothing costs, current, debt repayments and any ofther bills you get every month. As part of this calculate the monthly cost of a new property (including new runing cost / bills and council tax). Don't forget to include insurances in your calculation house insurance or mortgage insurance. This approach will give you a better idea of the monthly mortgage you are able to plausibly afford
How much deposit do mortgage lenders want ?
The majority of mortgage companies will advance you up to 90 percent of the value of the house, meaning you will need a 10% deposit. Nevertheless a few lenders will advance you a 100% mortgage but this sort of mortgage is less attractive and is in some cases a very expensive way to get a mortgage loan. A good deposit of above 15%, will provide you a wider range of mortgage solutions with the most attractive rates
Applying for a mortgage with a poor credit rating
A small group of mortgage companies provide mortgage loans for people with a poor credit record (CCJs) These mortgage companies are called sub prime lending companies. They will consider any low credit mortgage application (arrears, ccj's). Due to the greater level of risk with lending to people with poor credit, these subprime lenders request a superior level of APR on the loan.
With a low credit record (arrears, ccj's) you have got to reflect thoroughly about the cost of taking out a poor credit mortgage loan. You need a bigger deposit of no smaller than 15 percent or more.
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