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Searching for the right mortgage solution can prove to be a tough experience. The internet could end up facilitate the application process in most cases. Nowadays most mortgage lenders have an online web site and can promote their benefits and rates over the web. Take advantage of the internet to contact lenders to request a personalised quote. The mortgage company's advisor will be able to advise you on the right
What is a mortgage?
In plain terms a mortgage product is a monetary advance received to acquire a house, repaid over a specified term. The usual repayment term of a mortgage advance is up to 25 years however it can be varied to meet your situation.
A mortgage is made up of two separate components : the capital (the lump sum borrowed) and the interest (the amount charged by the mortgage lender for the advantage of getting the lump sum borrowed).
There are primarily 2 types of mortgage products :
A repayment mortgage pays off both the principal and the interest during the term of the mortgage. If the exact monthly repayments are met at the correct time, a repayment mortgage product ensures that the totality of the amount borrowed will be paid back at the close of the loan period.
An interest only mortgage pays back only the interest on the advance taken out - therefore the "interest only" name. Due to the fact the principal amount is not repaid in this type of mortgage loan, you must make your own arrangements to assure the principal is returned before or at the end of the mortgage agreed term. Common ways of organising this kind of mortgage capital are with savings plans such as pension policies or the principal could be reimbursed by the resale of the property.
Knowing which kind of mortgage repayment method is most appropriated can be governed by your individual financial situation.
With a repayment mortgage product you have the peace of mind that your property will be totally repaid at the end of the term. Nevertheless at the beginning of your loan most of your monthly payments shall be payment of interest rather than capital repayment. If you have to move house repeatedly or remortgage to benefit from a better rate, you can realise that little of the principal is reimbursed.
With an interest-only mortgage, if your savings or investments plans perform better that predictade, you can repay the capital sooner than anticipated, cutting down the borrowing terms of mortgage and as a benefit, reducing the amount of interest paid to the lender. Before deciding about the kind of mortgage which is right for you, we advise that you contact a fully qualified mortgage advisor.
What amount can we receive from a mortgage company?
Even though there are no exact rules as to what amount a mortgage company is ready to lend, usually if you plan to aquire a property as your main place of residence, mortgage companies may lend you around 3 times your gross annual revenue, depending on your individual circumstances, such as employment status, your credit rating ,etc…
Before you proceed with an application to get a mortgage you are advised to draw up your budget outlining your monthly income and your monthly spending such as gas and electricity bills, telephone bills, the cost of your car, ongoing, credit card repayments and any ofther bills you have each month. Within this account for the monthly cost of a new home (including new runing cost / bills and taxes). Make sure to add all insurance premiums in your budget house insurance or mortgage insurance. Your accounts will provide you with a good idea of the monthly repayment you can reasonably afford
How much mortgage deposit do lenders want?
The best part of mortgage companies will give you a maximum of 90% of the purchase price of the property, meaning you will be required to have a 10% deposit. Nevertheless a minority of mortgage lenders will loan you a 100% mortgage but this kind of lending is less attractive and is in some cases a very expensive option to get a mortgage loan. A bigger deposit of more than 15%, will provide you a wider range of mortgage solutions with the most attractive mortgage interest rates
Getting a mortgage with a poor credit record
A minority of mortgage providers offer lending for applicants disadvantaged by a poor credit rating (arrears, ccj's) These mortgage providers are called sub prime lending companies. They will review any poor credit application (arrears, ccj's). Due to the larger level of risk with offering a mortgage to applicants with low credit, these sub-prime lenders request a superior level of APR on the mortgage.
With a bad credit rating (defaults, arrears, ccj's) you have to reflect carefully about the expense of getting a poor credit loan. You will need a larger deposit of no less than 15% and above.
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