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Finding the correct mortgage may be a strenuous experience. The world wide web will end up smooth the process in the majority of cases. Today most mortgage lenders have an online presence and can promote their best mortgage offers over the web. You can take advantage of the web to speak to mortgage lenders to gather further information. The mortgage provider's advisor will be able to assist you on an appropriate
Mortgage basics
In basic terms a mortgage is a monetary lump sum taken to buy a home, to be repaid over an established term. The normal repayment term of a mortgage loan is around 25 years however it can be reduced to go with your situation.
A mortgage is made up of two defined components : the capital (the lump sum received) and the interest (the fee charged by the lender for the benefit of taking out the capital).
There are in effect 2 types of mortgage products :
A repayment mortgage loan repays both the principal and the interest of the loan over the agreed term of the mortgage. As long as the defined monthly repayments are paid in good time, a repayment mortgage loan offers the assurance that the whole of the mortgage amount will be cleared at the close of the mortgage agreed term.
An interest only mortgage repays only the interest on the loan received - and so the "interest only" name. As the principal amount is not repaid monthly in this kind of mortgage loan, you will need to make your own provision to assure the capital is paid before or at the end of the mortgage repayment period. Common ways of providing this type of mortgage are via savings products for example endowment policies (also known as Endowment Mortgages) or alternatively the capital could be reimbursed by the sale of the property.
Establishing which sort of mortgage loan repayment method is right for you is in relation with your individual financial and employement situation.
With a repayment mortgage loan you benefit from the peace of mind that the property will be totally reimbursed at the end. Yet at the start of your mortgage the greater part of your repayments shall be payment of interest rather than capital. If you plan to move property regulary or remortgage to benefit from a better rate, you can discover that little of the capital loan is reimbursed.
With an interest-only mortgage loan, if your investments or savings plans perform better that imagined, you could repay the principal quicker than anticipated, decreasing the duration of the loan and saving money. Prior to making a decision about the kind of mortgage product which is the most suitable for you, we advise that you speak to a fully qualified financial advisor.
What amount can I obtain from a mortgage lender?
Even though there are no exact rules as to what amount a mortgage lender is willing to lend, generally if you want to buy a property as your principal residence, mortgage companies could offer you an monetary advance of around x 3 your gross annual salary, depending on your individual situation, such as number of children you have, your credit history ,etc…
Before you proceed with an application to borrow money it is advised to make your budget outlining the amount you take home and your monthly expenses such as electricity bills, telephone bills, the cost of your car, existing, debt repayments and any ofther bills you have during the month. Within this calculate the monthly cost of your new property (including different runing cost / bills and council tax). Make sure to include insurances in your budget contents insurance or mortgage insurance. Your financial budget will present you with a clear idea of the monthly repayment you can afford
How much deposit do we need?
Often building societies will advance you a maximum of 90% of the current value of your new property, meaning you will need a ten percent deposit. On the other hand, some mortgage providers will loan you up to 100% but this type of loan is less competitive and is in some ways an expensive solution to get a mortgage loan. A large deposit of more than 25%, will give you access to a bigger choice of mortgage solutions with the most attractive rates
Applying for a mortgage with a low credit rating
A small group of mortgage providers can arrange lending for applicants with a poor credit history (CCJs, defaults, arrears) These lenders are called sub-prime lending companies. They will review any adverse credit application (CCJs, defaults, arrears). Due to the higher risk with lending to people with impaired credit, these subprime mortgage providers request a higher level of interest rate on the advance.
With a poor credit history (arrears, ccj's) you ought to reflect carefully concerning the expense of getting a sub prime mortgage loan. You need to secure a superior level of deposit of at least 20 percent or more.
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