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Finding the correct mortgage lender can prove to be a challenging experience. The internet will end up improve the application process in the majority of cases. Currently an increasing number of lenders have an online presence and can display their mortgage benefits over the internet. You can make use of the internet to contact mortgage lenders to ask for advice. The mortgage intermediary's representative will be able to advise you on the right
A basic understanding of a mortgage
In simple terms a mortgage product is a monetary lump sum taken to pay for real estate, to be repaid over an agreed loan term. The general repayment period of a mortgage advance is twenty five years however it can be modified to reflect your situation.
A mortgage is made up of two separate elements : the principal (the lump sum borrowed) and the interest (the fee charged by the mortgage company for the advantage of taking out the amount borrowed).
There are essentially two kinds of mortgage loans :
A repayment mortgage loan repays both the principal and the interest over the duration of the mortgage. If the defined monthly payments are met in good time, a repayment mortgage loan guarantees that the full amount of the amount borrowed will be paid at the completion of the loan agreed period.
An interest only mortgage pays back only the interest on the amount borrowed - and so the "interest only" name. Due to the fact the mortgage capital is not regulary repaid in this sort of mortgage, you will need to make your own arrangements to guarantee the capital is reimbursed before or at the end of the mortgage agreed period. Standard ways of managing this type of mortgage are via investments or savings products for example endowment policies (also known as Endowment Mortgages) or the capital could be provided by the sale of other assets.
Knowing which type of loan repayment method is right for you can be governed by your personal financial situation.
With a repayment mortgage product you benefit from the certitude that your home will be fully reimbursed at the end of the loan. Still at the start of your mortgage most of your monthly repayments will be payment of interest rather than repayment of the principal amount. If you have to move property repeatedly or re-mortgage to get a more competitive rate, you can realise that a small percentage of the principal gets paid off.
With an interest-only mortgage product, if your investment vehicles perform better than expected, you could pay off the capital faster than projected, bringing down the duration of mortgage and as a result saving money on interest. Prior to making a decision about the style of mortgage product which is best for you, we suggest that you contact a fully trained financial advisor.
How much can I obtain from a mortgage company?
Whereas there are no set guidelines as to how much a mortgage company wishes to lend, usually if you plan to purchase a property for yourself, mortgage lenders may lend you about up to x 5 your gross annual revenue, depending on your personal circumstances, such as employment status, your credit history ,etc…
Before you take up an application to get a mortgage it is advised to draw up a budget featuring your monthly income and your monthly outgoings such as utility bills, phone and mobile bills, transport costs, current, credit card repayments and any other costs you get every month. Within this estimate the monthly cost of a new home (including new runing cost / bills and council tax). Be sure to include insurance premiums in your calculation life insurance or repayment protection insurance. Your budget will provide you with a fair idea of the monthly mortgage you have the capacity to practically afford
How much mortgage deposit do we need?
The best part of mortgage companies will offer you a maximum of 90 percent of the purchase price of the house, meaning you will be required to have a 10% deposit. On the other hand, a minority of mortgage lenders will lend you a 100% mortgage but this sort of loan is less competitive and is in some cases an expensive option to get a mortgage loan. A larger deposit of above 15%, will present you with a bigger choice of mortgage offers, with the most attractive mortgage rates
Getting a mortgage with a low credit history
A small number of mortgage providers specialise in lending for applicants suffering from a adverse credit history (CCJs, defaults) These lenders are called subprime lending companies. They will consider any adverse credit mortgage application (ccj's / arrears). Due to the larger level of risk involved in providing a loan to applicants with adverse credit, these subprime lenders require a superior interest (APR) on the mortgage loan.
With a bad credit rating (CCJs, defaults) you must think cautiously regarding the cost of applying for a subprime mortgage. You need to have a bigger deposit of in some cases 20 percent or more.
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