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Getting the correct mortgage company may end up being a tiring task. Access to the internet can facilitate the task in the majority of cases. Currently most mortgage providers have an online web site and can promote their mortgage offers over the internet. Use the internet to get in touch with lenders to get assistance. The mortgage intermediary's agent should be able to advise you on the most suitable
What is a mortgage?
In plain terms a mortgage product is a monetary lump sum provided to buy a property, paid back over a set period. The common term of a mortgage advance is up to 25 years however it can be modified to suit your circumstances.
A mortgage is composed of two distinct components : the capital (the lump sum borrowed) and the interest (the annual fee charged by the mortgage lender for the advantage of getting the principal amount).
There are to all intents and purposes two sorts of mortgage loans :
A repayment mortgage product repays both the principal and the interest of the mortgage during the period of the mortgage. Providing the agreed monthly repayments are made regulary and on time, a repayment mortgage certifies that the whole of the amount borrowed will be cleared at the close of the loan agreed period.
An interest only mortgage repays only the interest on the monetary advance taken out - and so the "interest only" name. As the mortgage capital is not regulary repaid in this kind of mortgage loan, you will need to make your own plan to ensure the capital is reimbursed before or at the end of the mortgage agreed period. Common ways of organising this kind of mortgage are by means of investments or savings plans such as endowment policies (also known as Endowment Mortgages) or the capital may be repaid by the sale of the real estate.
Knowing which kind of mortgage repayment method is most appropriated is subject to your individual financial circumstances.
With a repayment mortgage loan you have the certitude that your house will be fully reimbursed at the end. On the other hand at the start of your loan the best part of your monthly repayments will be payment of interest rather than repayment of the principal amount. If you plan to move house on a regular basis or remortgage to get more flexibility, you may find that little of the principal amount is repaid.
With an interest-only mortgage loan, if your investments or savings vehicles perform well, you could repay the principal quicker than projected, slashing the term of the loan and making a great saving. Before deciding about the kind of mortgage which is right for you, we recommend that you contact a fully trained financial advisor.
What amount can we borrow from a mortgage company?
Although there are no set guidelines as to what ceiling a mortgage company is ready to lend, by and large if you plan to aquire a home for you and your family as your principal residence, mortgage providers could offer you a mortgage around up to x 5 your gross annual income, based on your personal situation, such as employment status, your current level of borrowing ,etc…
Before you proceed with signing to get a mortgage you should to work on a budget detailing your different incomes and your monthly expenses such as electricity bills, phone bills, supermarket bills, current, unsecured loan repayments and any other costs you have during the month. Within this estimate the cost of a new home (including different utility bills and taxes). Make sure to add all insurance premiums in your budget house insurance and / or mortgage insurance. This approach will provide you with a reasonable idea of the monthly repayment you may have the capacity to afford
How much mortgage deposit do I need?
The greater part of mortgage lenders will lend you no more than 90 percent of the value of your new house, meaning you need a ten percent deposit. Nevertheless a few mortgage providers will lend you a 100% mortgage but this kind of loan is less competitive and is in some ways an expensive method to get a mortgage. A larger deposit of above 20%, will give you access to a wider choice of mortgage opportunities with a more attractive rate
Obtaining a mortgage with a low credit history
Some mortgage lenders can arrange mortgage loans for borrowers with a impaired credit history (arrears, ccj's) These mortgage companies are called subprime lenders. They will review any adverse credit application (CCJs, defaults, arrears). With the bigger risk with offering a mortgage to people with poor credit, these sub prime mortgage companies require a superior interest rate on the mortgage.
With an adverse credit history (ccj's / arrears) you have to think thoroughly about the expense of applying for a sub prime mortgage. You will need a greater deposit of a minimum of 20% and above.
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