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Searching for a good mortgage solution might be a strenuous experience. The internet will end up simplify the experience in the majority of cases. Nowadays a great number of mortgage brokers have an internet presence and can introduce their typical mortgage rates over the internet. Take advantage of the web to speak to mortgage intermediaries to ask for advice. The mortgage company's representative should be able to advise you on a suitable
What is a mortgage?
In simple terms a mortgage is an advance provided to acquire real estate, to be repaid over a set amount of time. The ordinary repayment term of a mortgage is around 25 years however it can be revised to match your personal circumstances.
A mortgage is composed of two noticeable elements : the capital (the lump sum received) and the interest (the annual fee charged by the lender for the benefit of getting the amount borrowed).
There are basically 2 categories of mortgage loans :
A repayment mortgage repays both the capital and the interest of the loan during the period of the mortgage. As long as the defined monthly payments are paid on time, a repayment mortgage promises that the totality of the mortgage debt will be covered at the completion of the loan agreed period.
An interest only mortgage repays only the interest on the amount given - hence the "interest only" name. Due to the fact the principal mortgage amount is not regulary repaid in this kind of mortgage loan, you are responsible to make your own arrangements to assure the capital is covered before or at the end of the mortgage agreed period. Common ways of arranging the interest-only mortgage product are using savings products for example endowment plans or alternatively the capital could be provided by the resale of the house.
Determining which kind of mortgage repayment method is the best for you depends on your personal financial and employement situation.
With a repayment mortgage you have the peace of mind that your home will be fully reimbursed at the end of the term. Still at the beginning of your loan the greater part of your monthly repayments will be payment of interest rather than repayment of the principal amount. If you have to move place of residence on a regular basis or re-mortgage to reduce the interest rate, you can find out that little of the capital amount is reimbursed.
With an interest-only mortgage product, if your investment plans perform better that imagined, you can pay off the capital faster than projected, slashing the term of mortgage and making a great saving. Prior to making a decision about the type of mortgage product which is right for you, we encourage that you contact a fully qualified mortgage advisor.
How much can I borrow from a mortgage lender?
While there are no exact rules as to how much a provider is ready to lend, generally if you plan to purchase a home as your main place of residence, mortgage lenders may lend you around a maximum of x 5 your annual income, based on your individual situation, such as number of children you have, your current level of debt ,etc…
Before you apply to get a loan you are advised to make your family budget featuring your salary and your expenses such as electricity bills, telecom bills, transport costs, current, loan repayments and any ofther bills you have during the month. Within this budget for the monthly cost of your new home (including new utility bills and taxes). Make sure to add all insurances in your budget life insurance and / or repayment protection. Your financial budget will present you with a clear idea of the amount you may be able to reasonably afford
What amount of mortgage deposit do lenders require?
The best part of lenders will offer you up to 90 percent of the purchase price of your new property, meaning you will be required to have a 10% deposit. However, a few mortgage providers will give you a 100% mortgage but this type of mortgage is less competitive and is in some ways an expensive way to get a loan. A large deposit of above 15%, will present you with a bigger range of mortgage solutions with a more attractive rate
Taking a mortgage loan with a poor credit record
A small number of mortgage lenders specialise in mortgage loans for applicants suffering from a low credit record (CCJs, defaults) These lenders are called sub prime lending companies. They will review any low credit applicant (CCJs, defaults, arrears). Due to the bigger risk involved in providing a loan to applicants with impaired credit, these sub prime mortgage companies will charge a superior interest rate on the advance.
With a poor credit record (defaults, arrears, ccj's) you need to reflect carefully regarding the expense of applying for a subprime mortgage. You will be required to have a superior level of deposit of no less than 25% and above.
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