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Searching for the correct mortgage deal may find to be a time consuming experience. Access to the internet could simplify the application process in the majority of cases. Currently most mortgage intermediaries have a web site and can display their mortgage offers over the web. Take advantage of the web to get through to lenders to compare mortgage products. The mortgage intermediary's agent will be able to assist you on the right
What is a mortgage?
In plain terms a mortgage product is a personal loan given to purchase a home, repaid over a set term. The ordinary term of a mortgage is 25 years however it can be modified to match your individual circumstances.
A mortgage is composed of two distinct parts : the principal (the amount given) and the interest (the monthly fee charged by the mortgage lender for the advantage of getting the principal amount).
There are essentially 2 kinds of mortgages :
A repayment mortgage product pays back both the principal and the interest of the mortgage over the term of the mortgage. Given that the defined monthly payments are met on time, a repayment mortgage loan assures that the entirety of the mortgage loan will be settled at the conclusion of the loan agreed term.
An interest only mortgage pays back only the interest on the amount given - and so the "interest only" name. As the capital is not repaid monthly in this sort of mortgage, you are responsible to make your own preparation to guarantee the capital is paid before or at the end of the mortgage agreed duration. Usual methods of arranging this kind of mortgage loan are by the use of investments or savings plans for instance ISAs or alternatively the principal could be provided by the sale of the house.
Determining which sort of mortgage repayment method is most appropriated can be determined by your individual financial and employement circumstances.
With a repayment mortgage loan you have the certitude that the property will be totally reimbursed at the end of the mortgage. Still in the early stages of your loan most of your mortgage payments will be payment of interest rather than the principal amount. If you plan to move property regulary or remortgage to get a more competitive rate, you may find that a small percentage of the principal gets paid off.
With an interest-only mortgage product, if your investments or savings vehicles perform better than anticipated, you can reimburse the principal faster than projected, bringing down the length of mortgage and as a benefit, reducing the amount of interest paid to the lender. Before making a decision about the type of mortgage which is right for you, we recommend that you contact an independent mortgage advisor.
How much can we obtain from a mortgage lender?
Although there are no exact definitions as to what ceiling a provider is ready to lend, usually if you plan to purchase a home for you and your family as your principal residence, lenders may be willing to lend you about 3.5 times your joint gross annual salaries, depending on your individual situation, such as employment status, your credit history ,etc…
Before you enter an agreement for a mortgage you are advised to work on a budget listing your income and your monthly expenses such as electricity bills, telephone bills, transport costs, existing, car loan repayments and any ofther bills you have during the month. As part of this estimate the cost of a new property (including different runing cost / bills and council tax). Be sure to add insurance costs in your calculation home insurance and mortgage protection insurance. Your financial budget will provide you with a good idea of the amount you may have the capacity to reasonably afford
What amount of mortgage deposit do mortgage lenders require ?
Often mortgage companies will loan you no more than 90% of the purchase price of your new property, meaning you will be required to have a ten percent deposit. On the other hand, a minority of mortgage companies will loan you a 100% mortgage but this type of lending is less attractive and is in some ways an expensive option to get a loan. A good deposit of above 25%, will give you a bigger range of mortgage opportunities with the most attractive interest rates
Taking a mortgage with a bad credit record
Some mortgage lenders specialise in mortgage loans for applicants with a poor credit record (CCJs) These lenders are called sub-prime lenders. They will consider any poor credit mortgage application (default, arrears, ccj's). Due to the larger level of risk involved in lending to people with low credit, these subprime mortgage providers request a higher level of APR on the loan.
With a low credit rating (ccj's / arrears) you ought to think thoroughly about the expense of applying for a poor credit loan. You need to have a greater deposit of in some instances 15 percent or more.
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