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Looking for the correct mortgage product can be a tough process. Access to the internet can speed up the application process in most cases. Currently many mortgage providers have an online presence and can promote their services and benefits over the web. You can take advantage of the web to get through to mortgage companies to ask for advice. The mortgage broker's representative will be able to help you on a suitable
A basic understanding of a mortgage
In simple terms a mortgage is a lump sum taken to pay for real estate, to be repaid over a defined loan term. The ordinary repayment period of a mortgage loan is 25 years however it can be revised to tie in with your personal situation.
A mortgage is made up of two clear components : the principal (the amount borrowed) and the interest (the fee charged by the mortgage company for the advantage of getting the capital).
There are basically 2 sorts of mortgages :
A repayment mortgage product pays off both the capital and the interest during the term of the mortgage. Provided that the agreed monthly repayments are paid on time, a repayment mortgage loan certifies that the whole of the mortgage debt will be cleared at the conclusion of the loan period.
An interest only mortgage repays only the interest on the advance borrowed - therefore the "interest only" name. Due to the fact the mortgage capital is not repaid in this kind of mortgage product, you have to make your own provision to assure the principal is paid before or at the end of the mortgage repayment period. Standard approaches of organising this type of mortgage product are with savings plans such as endowment policies (also known as Endowment Mortgages) or alternatively the capital can be provided by the resale of the real estate.
Determining which kind of mortgage repayment approach to choose is determined by your personal financial and employement circumstances.
With a repayment mortgage product you benefit from the certitude that your property will be fully reimbursed at the end of the term. However, in the first few years of your loan the majority of your mortgage payments are payment of interest rather than repayment of the principal amount. If you plan to move house on a regular basis or re-mortgage to get more flexibility, you may find that a small percentage of the capital is repaid.
With an interest-only mortgage loan, if your savings or investments plans outperform your mortgage rates, you could pay off the capital faster than expected, slashing the length of mortgage and saving money. Prior to making a decision about the sort of mortgage product which is best for you, we recommend that you speak to a qualified financial advisor.
What amount can we take out from a mortgage company?
Although there are no defined definitions as to what amount a mortgage provider is willing to lend, normally if you want to purchase a home as your main place of residence, mortgage companies could offer you an advance of around 3.5 times your gross annual revenue, depending on your personal circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you proceed with an application to take a mortgage it is advised to draw up your accounts listing your different incomes and your outgoings such as utility bills, phone bills, food and clothing costs, current, car loan repayments and any other costs you have each month. As part of this estimate the cost of a new home (including new utility bills and taxes). Make sure to add insurances in your plan buildings insurance or repayment protection insurance. This method will give you a good idea of the repayment you could really afford
How much mortgage deposit do lenders want?
Often mortgage companies will lend you no more than 90 percent of the current value of your intended property, meaning you will be required to have a 10% deposit. On the other hand, a few mortgage lenders will offer you a 100% mortgage but this kind of mortgage is less advantageous and is in some instances an expensive method to get a mortgage. A decent deposit of more than 20%, will give you a bigger choice of mortgage offers, with a more attractive rate
Obtaining a mortgage loan with a bad credit file
A small group of mortgage lenders offer mortgages for applicants with a poor credit file (arrears, ccj's) These mortgage companies are called subprime lending companies. They will review any adverse credit applicant (ccj's / arrears). With the larger risk with offering a loan to people with bad credit, these subprime mortgage lenders demand a higher interest (APR) on the mortgage.
With a bad credit history (defaults, arrears, ccj's) you have got to reflect carefully about the expense of applying for a bad credit mortgage loan. You need to secure a superior level of deposit of in some situations 20% or more.
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