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Getting an appropriate mortgage may be a complex experience. Access to the internet will end up speed up the application process in most cases. At the present time a great number of mortgage lenders have an internet presence and can display their mortgage deals over the internet. You can use the internet to get in touch with mortgage brokers to request a personalised quote. The mortgage intermediary's advisor should be able to advise you on the best
What is a mortgage?
In basic terms a mortgage is a personal loan made available to acquire a house, to be repaid over a set period. The typical repayment period of a mortgage is around 25 years but it can be reduced to match your personal situation.
A mortgage is made up of two definite elements : the principal (the lump sum given) and the interest (the annual fee charged by the lender for the advantage of getting the lump sum borrowed).
There are in effect 2 types of mortgage loans :
A repayment mortgage repays both the capital and the interest over the agreed term of the mortgage. Providing the agreed monthly payments are paid regulary and on time, a repayment mortgage loan certifies that the entirety of the mortgage loan will be paid back at the completion of the loan agreed duration.
An interest only mortgage pays back only the interest on the lump sum given - therefore the "interest only" name. Since the principal mortgage amount is not repaid in this kind of mortgage, you need to make your own plan to assure the capital is paid back before or at the end of the mortgage agreed period. Popular ways of providing the interest-only mortgage are by the use of investments or savings products for example ISAs or the capital could be repaid by the sale of the house.
Determining which type of mortgage repayment method is most appropriated depends on your individual financial situation.
With a repayment mortgage product you benefit from the peace of mind that the property will be fully reimbursed at the end of the loan. On the other hand at the beginning of your loan the bulk of your monthly repayments shall be payment of interest rather than capital. If your plan is to move house regulary or remortgage to benefit from a better rate, you may find that a small percentage of the principal gets paid back.
With an interest-only mortgage product, if your savings or investments vehicles perform better than expected, you can pay off the principal sooner than anticipated, slashing the length of mortgage and making a great saving. Ahead of making a decision about the style of mortgage which is the most suitable for you, we recommend that you speak to an independent mortgage advisor.
What amount can we obtain from a mortgage company?
In spite of the fact that there are no set rules as to what level a mortgage company is willing to lend, generally if you want to aquire a house for you and your family, mortgage lenders could lend about x 3.5 your joint annual income, depending on your individual circumstances, such as employment status, your credit history ,etc…
Before you proceed with signing for a mortgage it is recommended to draw up your family budget outlining your salary and your spending such as electricity bills, telecom bills, supermarket bills, existing, credit card repayments and any ofther bills you have each month. Within this calculate the cost of a new property (including new runing cost / bills and council tax). Don't forget to include all insurances in your plan buildings insurance and repayment protection insurance. Your financial budget will provide you with a better idea of the amount you can realistically afford
How much mortgage deposit do we need?
Often lenders will lend you a maximum of 90 percent of the value of your prospective home, meaning you will need a 10% deposit. On the other hand, a small group of mortgage companies will grant you a 100% mortgage but this kind of mortgage loan is less advantageous and is in some ways a very expensive option to get a mortgage. A good deposit of 15% or more, will give you access to a bigger choice of mortgage opportunities with a more attractive mortgage interest rate
Getting a mortgage loan with a poor credit record
A small number of mortgage providers can offer mortgage loans for applicants suffering from a poor credit record (CCJs, defaults) These lenders are called sub prime lenders. They will consider any adverse credit applicant (arrears, ccj's). Due to the bigger level of risk with providing a mortgage to people with adverse credit, these sub prime lenders require a top APR on the mortgage loan.
With a bad credit record (CCJs, defaults, arrears) you ought to think cautiously about the cost of applying for a poor credit mortgage loan. You need to secure a higher level of deposit of a minimum of 15 percent and above.
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