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Looking for a good mortgage may find to be a challenging task. The internet could end up ease the experience in most cases. At the present time most mortgage lenders have an internet presence and can introduce their mortgage benefits over the internet. Use the world wide web to make contact with mortgage intermediaries to ask for further information. The mortgage company's advisor will be able to advise you on the most suitable
What is a mortgage?
In plain terms a mortgage product is an advance given to purchase a house, to be repaid over a specified amount of time. The typical term of a mortgage loan is around 25 years however it can be revised to reflect your personal circumstances.
A mortgage is made up of two definite parts : the principal (the lump sum received) and the interest (the amount charged by the mortgage provider for the benefit of receiving the capital).
There are in actual fact 2 categories of mortgages :
A repayment mortgage loan pays off both the capital and the interest over the duration of the mortgage. Providing the agreed monthly repayments are paid at the correct time, a repayment mortgage warrants that the whole of the mortgage loan will be cleared at the completion of the loan term.
An interest only mortgage pays off only the interest on the monetary advance borrowed - hence the "interest only" name. Since the capital is not repaid monthly in this sort of mortgage loan, you must make your own provision to assure the capital is covered before or at the end of the mortgage agreed period. Popular ways of arranging the interest-only mortgage product are by means of savings or investments plans for example endowment policies (also known as Endowment Mortgages) or alternatively the capital may be repaid by the resale of the property.
Establishing which kind of loan repayment approach is most suited to you depends on your individual financial situation.
With a repayment mortgage product you have the assurance that your property will be fully repaid at the end of the loan. However, in the early stages of your loan the bulk of your repayments will end up being payment of interest rather than capital. If you plan to move place of residence repeatedly or re-mortgage to get a better rate, you can find out that little of the capital amount is repaid.
With an interest-only mortgage product, if your savings or investments plans perform well, you could repay the capital sooner than expected, lessening the borrowing terms of mortgage and as a result saving money on interest. Prior to deciding about the type of mortgage which is best for you, we suggest that you speak to an independent financial advisor.
How much can you receive from a mortgage lender?
Although there are no exact guidelines as to how much a mortgage company is ready to lend, in general if you plan to buy a house for yourself, mortgage companies could offer you a mortgage around up to x 4 your joint gross annual salaries, based on your individual circumstances, such as number of children you have, your credit history ,etc…
Before you proceed with an application to get a mortgage you are advised to make your family budget listing your different incomes and your outgoings such as electricity bills, telecom bills, the cost of your car, ongoing, credit card repayments and any ofther bills you get during the month. Within this calculate the monthly cost of a new house (including new runing cost / bills and council tax). Make sure to add insurances in your calculation contents insurance and / or mortgage protection insurance. Your accounts will give you a better idea of the repayment you are able to reasonably afford
What amount of mortgage deposit do mortgage lenders require ?
The majority of lenders will advance you a maximum of 90% of the value of your new house, meaning you will need a ten percent deposit. However, a small group of lenders will loan you a 100% mortgage but this type of mortgage is less attractive and is in some cases a very expensive method to get a loan. A good deposit of more than 20%, will provide you a competive variety of mortgage opportunities with a more competitive interest rate
Taking a mortgage loan with a low credit history
A small group of mortgage companies can offer mortgage loans for applicants disadvantaged by a adverse credit record (CCJs) These mortgage companies are called subprime lenders. They will review any impaired credit application (default, arrears, ccj's). Based on the higher risk involved in offering a loan to people with low credit, these sub-prime mortgage providers require a superior interest rate on the advance.
With a poor credit rating (defaults, arrears, ccj's) you need to think cautiously about the expense of taking out a subprime mortgage loan. You will need a bigger deposit of in some cases 15 percent or more.
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