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Finding the right mortgage provider may prove to be a tough task. Access to the internet could speed up the experience in most cases. Today an increasing number of mortgage brokers have a web site and can introduce their services and benefits over the web. Use the web to get in touch with mortgage intermediaries to compare mortgage products. The mortgage intermediary's representative should be able to advise you on the right

Mortgage basics
In basic terms a mortgage product is a monetary advance given to acquire real estate, repaid over an agreed amount of time. The common term of a mortgage loan is between 20 and 25 years however it can be reduced to reflect your personal situation.

A mortgage is composed of two clear parts : the principal (the amount borrowed) and the interest (the monthly fee charged by the mortgage provider for the benefit of receiving the principal amount).

There are to all intents and purposes two categories of mortgage loans :

A repayment mortgage product pays back both the capital and the interest of the loan during the period of the mortgage. Given that the exact monthly repayments are made in good time, a repayment mortgage product certifies that the whole of the mortgage debt will be covered at the end of the mortgage term.

An interest only mortgage repays only the interest on the monetary advance borrowed - and so the "interest only" name. Since the capital is not reimbursed in this type of mortgage product, you will need to make your own plan to ensure the principal is paid before or at the end of the mortgage agreed term. Usual approaches of managing this kind of mortgage are through savings or investments products for instance ISAs or otherwise the principal can be provided by the sale of other assets.

Determining which type of mortgage loan repayment method is most suited to you is subject to your personal financial and employement circumstances.

With a repayment mortgage loan you benefit from the certitude that your home will be fully repaid at the end of the loan. However, at the start of your mortgage the bulk of your monthly payments will be payment of interest rather than repayment of the principal amount. If your plan is to move place of residence on a regular basis or re-mortgage to benefit from a better rate, you can find out that little of the principal amount gets paid back.

With an interest-only mortgage product, if your savings vehicles perform better that imagined, you could pay off the principal quicker than anticipated, decreasing the borrowing terms of mortgage and making a great saving. Ahead of making a decision about the type of mortgage product which is the most suitable for you, we suggest that you speak to an independent financial advisor.

What amount can I obtain from a mortgage lender?
Whilst there are no defined guidelines as to what amount a lender is prepared to lend, normally if you plan to buy a house for you and your family as your principal residence, mortgage providers could be willing to lend you about a maximum of x 5 your gross annual income, based on your individual circumstances, such as number of children you have, your current level of debt ,etc…

Before you sign up to an agreement to get a mortgage you are advised to work on your family budget outlining your income and your monthly spending such as electricity bills, telephone bills, supermarket bills, current, credit card repayments and any ofther bills you have during the month. As part of this estimate the cost of your new property (including different utility bills and council tax). Make sure to add all insurance premiums in your budget contents insurance and / or mortgage insurance. This approach will give you a reasonable idea of the mortgage you could really afford

How much deposit do we need?
Often mortgage companies will lend you a maximum of 90% of the value of your new property, meaning you need a 10% deposit. Nevertheless a small group of mortgage providers will lend you up to 100% but this type of loan is less attractive and is in some ways a very expensive option to get a mortgage. A large deposit of more than 20%, will provide you a large range of mortgage offers, with a more attractive mortgage rate

Applying for a mortgage loan with a poor credit file
A small group of mortgage lenders can arrange lending for borrowers with a bad credit rating (CCJs, defaults) These mortgage lenders are called sub-prime lending companies. They will consider any poor credit applicant (CCJs, defaults, arrears). Based on the greater risk with providing a mortgage to applicants with adverse credit, these subprime lenders request a higher interest (APR) on the advance.

With a poor credit rating (CCJs, defaults) you ought to think cautiously regarding the expense of getting a bad credit loan. You need a bigger deposit of at least 15% or more.

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