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Searching for the right mortgage provider can prove to be a challenging process. The web could end up simplify the mortgage process in the majority of cases. Nowadays the vast majority of mortgage lenders have a web site and can present their best mortgage offers over the web. You can make use of the web to speak to mortgage providers to compare mortgage options. The mortgage lender's agent will be able to assist you on the most suitable
A basic understanding of a mortgage
In simple terms a mortgage product is a monetary lump sum organised to purchase a property, repaid over an agreed amount of time. The typical repayment period of a mortgage is around 25 years but it can be revised to meet your personal situation.
A mortgage is made up of two distinct components : the capital (the amount given) and the interest (the monthly fee charged by the lender for the advantage of receiving the lump sum borrowed).
There are primarily two categories of mortgage products :
A repayment mortgage loan repays both the capital and the interest of the loan during the period of the mortgage. If the defined monthly payments are met at the correct time, a repayment mortgage warrants that the full amount of the amount borrowed will be settled at the finishing point of the loan term.
An interest only mortgage pays back only the interest on the amount given - for this reason the "interest only" name. As the principal amount is not reimbursed monthly in this sort of mortgage loan, you are responsible to make your own provision to ensure the capital is covered before or at the end of the mortgage repayment period. Popular methods of managing this kind of mortgage loan are by the use of savings or investments plans for example endowment policies or alternatively the capital may be repaid by the sale of other assets.
Knowing which type of loan repayment approach is right for you can be governed by your individual financial situation.
With a repayment mortgage loan you have the guarantee that your home will be fully reimbursed at the end. Yet in the first few years of your mortgage the greater part of your mortgage payments will in fact be payment of interest rather than capital repayment. If you have to move property on a regular basis or remortgage to secure a better mortgage rate, you could find that little of the capital amount is reimbursed.
With an interest-only mortgage loan, if your savings or investments plans perform well, you can pay off the capital sooner than anticipated, slashing the term of mortgage and saving money. Prior to making a decision about the style of mortgage product which is the most suitable for you, we recommend that you get in touch with a fully qualified financial advisor.
How much can we receive from a mortgage lender?
In spite of the fact that there are no set guidelines as to what level a mortgage lender wishes to lend, commonly if you want to buy a property for you and your family as your principal residence, lenders may lend you around a maximum of 5 times your joint gross annual revenue, depending on your personal situation, such as number of children you have, your credit history ,etc…
Before you enter an agreement to borrow money it is recommended to draw up your accounts featuring your income and your monthly expenses such as electricity bills, phone bills, supermarket bills, current, car loan repayments and any other costs you get every month. As part of this calculate the cost of your new home (including different runing cost / bills and council tax). Make sure to add insurance premiums in your plan house insurance and repayment protection. This approach will present you with a fair idea of the mortgage repayment you have the capacity to plausibly afford
What amount of mortgage deposit do we need?
Most mortgage companies will grant you up to 90% of the current value of the property, meaning you will be required to have a ten percent deposit. However, a small number of lenders will offer you a 100% mortgage but this type of loan is less competitive and is in some instances a very expensive way to get a mortgage. A good deposit of above 20%, will provide you a competive choice of mortgage offers, with the most attractive rates
Applying for a mortgage with a bad credit record
A minority of mortgage companies provide lending for borrowers disadvantaged by a impaired credit record (CCJs, defaults, arrears) These lenders are called sub-prime lending companies. They will consider any low credit applicant (CCJs, defaults, arrears). Based on the greater level of risk with offering a loan to people with poor credit, these sub-prime mortgage companies charge a higher level of APR on the mortgage.
With an impaired credit record (arrears, ccj's) you have to think carefully concerning the cost of taking out a subprime loan. You will need a superior level of deposit of no lower than 25% or more.
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