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Finding a good mortgage may prove to be a tiring process. The web could facilitate the application process in the majority of cases. Nowadays many lenders have an online representation and can promote their best mortgage offers over the internet. Take advantage of the world wide web to speak to lenders to request a personalised quote. The mortgage broker's representative will be able to advise you on an appropriate
Mortgage basics
In basic terms a mortgage product is a personal loan borrowed to purchase real estate, paid back over an agreed term. The ordinary repayment period of a mortgage advance is twenty five years however it can be modified to meet your individual circumstances.
A mortgage is composed of two separate components : the principal (the lump sum taken) and the interest (the amount charged by the lender for the benefit of getting the capital).
There are to all intents and purposes 2 categories of mortgages :
A repayment mortgage pays back both the principal and the interest during the term of the mortgage. Provided that the exact monthly repayments are paid regulary and on time, a repayment mortgage offers the assurance that the whole of the mortgage loan will be paid off at the closing of the loan period.
An interest only mortgage repays only the interest on the lump sum received - therefore the "interest only" name. As the mortgage capital is not repaid monthly in this type of mortgage product, you need to make your own provision to assure the principal is covered before or at the end of the mortgage repayment period. Common methods of managing this type of mortgage capital are by the use of savings or investments products for instance endowment policies or instead the principal can be provided by the sale of the house.
Determining which sort of mortgage repayment method is the best for you can be influenced by your personal financial circumstances.
With a repayment mortgage you benefit from the peace of mind that your home will be fully reimbursed at the end of the term. However, at the start of your loan the bulk of your monthly payments will be payment of interest rather than the principal amount. If you plan to move home regulary or re-mortgage to benefit from a better rate, you may realise that little of the principal is repaid.
With an interest-only mortgage loan, if your savings vehicles perform well, you can reimburse the principal quicker than anticipated, bringing down the duration of the loan and saving money. Prior to reaching a decision about the type of mortgage product which is best for you, we advise that you speak to a qualified mortgage advisor.
What amount can I take out from a mortgage company?
Whilst there are no set rules as to what amount a lender is ready to lend, usually if you want to buy a house for yourself as your main place of residence, mortgage providers could offer you an advance of about 3.5 times your gross annual revenue, based on your personal situation, such as number of children you have, your current level of debt ,etc…
Before you proceed with signing for a mortgage it is recommended to make your accounts outlining your monthly income and your expenses such as gas and electricity bills, telephone bills, the cost of your car, existing, unsecured loan repayments and any ofther bills you get each month. As part of this estimate the monthly cost of a new home (including new utility bills and taxes). Be sure to add insurances in your budget buildings insurance and / or repayment protection insurance. Your budget will give you a better idea of the repayment you may have the capacity to reasonably afford
How much mortgage deposit do I need?
The vast majority of lenders will loan you a maximum of 90% of the current value of your prospective home, meaning you will be required to have a ten percent deposit. Nevertheless some lenders will offer you a 100% mortgage but this type of mortgage loan is less advantageous and is in some instances an expensive way to get a mortgage loan. A good deposit of more than 25%, will provide you a bigger variety of mortgage opportunities with a more attractive mortgage interest rate
Taking a mortgage with a poor credit history
A minority of mortgage providers provide lending for borrowers with a low credit record (CCJs) These mortgage providers are called sub-prime lenders. They will review any impaired credit application (default, arrears, ccj's). Based on the higher risk with offering a mortgage to applicants with bad credit, these sub prime lenders charge an elevated level of APR on the advance.
With an adverse credit record (ccj's / arrears) you ought to consider thoroughly about the cost of taking out a poor credit mortgage. You need to have a larger deposit of in some situations 20% or more.
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