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Finding a suitable mortgage product might be a tiring task. Access to the internet could simplify the application process in most cases. Currently most mortgage companies have an internet presence and can introduce their mortgage offers over the web. You can make use of the internet to speak to mortgage brokers to gather further information. The mortgage broker's advisor should be able to assist you on a suitable

What is a mortgage?
In basic terms a mortgage is an advance taken to purchase a home, to be repaid over a set amount of time. The typical repayment term of a mortgage loan is twenty five years but it can be reduced to match your situation.

A mortgage is composed of two definite elements : the capital (the lump sum borrowed) and the interest (the monthly fee charged by the lender for the advantage of taking out the capital).

There are to all intents and purposes two kinds of mortgage products :

A repayment mortgage repays both the principal and the interest over the term of the mortgage. As long as the exact monthly repayments are met at the correct time, a repayment mortgage warrants that the entirety of the mortgage loan will be covered at the completion of the loan term.

An interest only mortgage pays off only the interest on the monetary advance received - therefore the "interest only" name. Since the principal amount is not reimbursed monthly in this kind of mortgage, you will need to make your own plan to assure the principal is reimbursed before or at the end of the mortgage agreed duration. Popular approaches of organising this kind of mortgage product are via savings or investments products for example endowment plans or the capital could be paid by the sale of the property.

Knowing which sort of mortgage loan repayment approach is right for you is governed by your individual employment and financial circumstances.

With a repayment mortgage you benefit from the assurance that your home will be totally reimbursed at the end of the term. On the other hand in the early years of your mortgage the bulk of your monthly payments will be payment of interest rather than capital. If you plan to move house regulary or re-mortgage to get a more competitive rate, you may find that little of the principal gets paid off.

With an interest-only mortgage product, if your investments or savings plans perform better than expected, you could repay the capital quicker than anticipated, bringing down the term of mortgage and saving money. Prior to reaching a decision about the style of mortgage which is best for you, we suggest that you contact an independent financial advisor.

What amount can we take out from a mortgage lender?
In spite of the fact that there are no exact guidelines as to what level a provider is willing to lend, by and large if you plan to buy a property for you and your family, mortgage lenders could offer you an advance of around x 3 your gross annual salary, depending on your individual circumstances, such as employment status, your current level of debt ,etc…

Before you proceed with an application to get a mortgage it is advised to make a budget featuring your monthly income and your expenses such as utility bills, phone bills, supermarket bills, current, personal loan repayments and any other costs you get during the month. Within this account for the monthly cost of a new property (including new runing cost / bills and council tax). Be sure to include insurances in your plan buildings insurance and / or repayment protection. This approach will present you with a reasonable idea of the mortgage repayment you are able to reasonably afford

What amount of mortgage deposit do mortgage companies want?
The greater part of mortgage providers will lend you no more than 90 percent of the value of your new home, meaning you will be required to provide a 10% deposit. On the other hand, some lenders will loan you up to 100% but this type of mortgage loan is less competitive and is in some ways an expensive way to get a mortgage loan. A decent deposit of above 25%, will give you access to a wider range of mortgage offers, with the most attractive rates

Taking a mortgage with a poor credit record
A small group of lenders provide mortgage loans for applicants disadvantaged by a impaired credit record (CCJs, defaults) These mortgage providers are called sub prime lenders. They will consider any poor credit mortgage application (CCJs, defaults). Based on the larger risk with providing a loan to people with impaired credit, these subprime mortgage providers request an elevated level of interest (APR) on the mortgage.

With an impaired credit history (arrears, ccj's) you must consider thoroughly regarding the expense of taking out a bad credit loan. You need to secure a superior level of deposit of at least 20% and above.

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