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Searching for an appropriate mortgage broker can be a testing task. Access to the internet could improve the task in most cases. At the present time the great majority of mortgage brokers have an online presence and can present their benefits and rates over the web. You can take advantage of the internet to contact mortgage brokers to gather further information. The mortgage intermediary's agent will be able to advise you on an appropriate
Mortgage basics
In simple terms a mortgage product is a personal loan arranged to acquire a property, repaid over a specified loan term. The common repayment period of a mortgage is 25 years however it can be varied to reflect your situation.
A mortgage is composed of two definite components : the principal (the amount received) and the interest (the annual fee charged by the mortgage provider for the benefit of receiving the principal amount).
There are essentially two types of mortgages :
A repayment mortgage loan repays both the capital and the interest of the mortgage during the period of the mortgage. As long as the defined monthly repayments are paid at the correct time, a repayment mortgage loan offers the assurance that the whole of the mortgage amount will be settled at the finishing point of the loan term.
An interest only mortgage repays only the interest on the monetary advance given - therefore the "interest only" name. Since the principal mortgage amount is not reimbursed monthly in this type of mortgage product, you have to make your own arrangements to ensure the principal is returned before or at the end of the mortgage agreed term. Popular ways of providing this sort of mortgage are with investments or savings products for example endowment policies (also known as Endowment Mortgages) or the capital may be paid by the resale of the real estate.
Knowing which sort of mortgage loan repayment approach is right for you can be influenced by your individual financial and employement situation.
With a repayment mortgage loan you have the certitude that the property will be totally repaid at the end of the term. On the other hand in the early years of your loan the best part of your monthly payments will in fact be payment of interest rather than repayment of the principal amount. If you have to move property on a regular basis or re-mortgage to get a better mortgage deal, you can find out that little of the capital is reimbursed.
With an interest-only mortgage, if your savings or investments vehicles perform better that predictade, you can repay the capital quicker than planned, bringing down the term of mortgage and as a result saving money on interest. Prior to making a decision about the sort of mortgage which is best for you, we recommend that you contact a fully qualified mortgage advisor.
How much can you borrow from a mortgage company?
Even though there are no defined definitions as to what level a mortgage company is ready to lend, usually if you plan to aquire a home for you and your family, mortgage lenders could offer you an advance of around 3.5 times your gross annual salary, depending on your individual circumstances, such as number of children you have, your credit history ,etc…
Before you enter an agreement to borrow money it is recommended to work on your accounts featuring your different incomes and your expenses such as gas and electricity bills, telecom bills, the cost of your car, existing, car loan repayments and any ofther bills you have every month. As part of this calculate the monthly cost of a new property (including different utility bills and taxes). Don't forget to add all insurances in your budget house insurance and / or repayment protection. Your accounts will present you with a clear idea of the monthly mortgage you can practically afford
What amount of deposit do lenders require?
The majority of mortgage companies will lend you a maximum of 90% of the current value of your new house, meaning you will be required to have a 10% deposit. On the other hand, a small group of mortgage companies will lend you up to 100% but this kind of mortgage is less competitive and is in some cases a very expensive option to get a loan. A larger deposit of above 15%, will provide you a wider variety of mortgage prospects with a more competitive interest rate
Obtaining a mortgage loan with a poor credit file
A small number of mortgage companies offer mortgage loans for borrowers with a adverse credit history (CCJs, defaults, arrears) These mortgage providers are called sub prime lending companies. They will review any bad credit mortgage applicant (CCJs, defaults, arrears). With the bigger level of risk involved in lending to applicants with adverse credit, these subprime lenders demand a higher level of interest rate on the loan.
With a bad credit history (CCJs, defaults, arrears) you need to think thoroughly regarding the cost of taking out a sub-prime mortgage loan. You will need a superior level of deposit of no smaller than 15% and above.
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