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Finding a good mortgage lender can prove to be a tiring process. Access to the web will end up improve the mortgage process in most cases. These days the great majority of mortgage intermediaries have an online presence and can introduce their mortgage services over the internet. Use the web to get in touch with mortgage intermediaries to ask for further information. The mortgage intermediary's advisor should be able to advise you on a suitable
A basic understanding of a mortgage
In basic terms a mortgage product is a monetary advance provided to pay for a home, repaid over an agreed term. The general repayment term of a mortgage loan is up to 25 years but it can be varied to reflect your situation.
A mortgage is composed of two clear parts : the capital (the amount received) and the interest (the monthly fee charged by the mortgage provider for the benefit of taking out the principal amount).
There are in essence two categories of mortgage products :
A repayment mortgage loan pays back both the capital and the interest of the loan during the term of the mortgage. If the exact monthly repayments are paid regulary and on time, a repayment mortgage product guarantees that the whole of the mortgage debt will be settled at the completion of the loan agreed period.
An interest only mortgage repays only the interest on the advance given - therefore the "interest only" name. Since the capital is not reimbursed monthly in this sort of mortgage, you are responsible to make your own arrangements to assure the principal is returned before or at the end of the mortgage repayment period. Popular ways of managing the interest-only mortgage loan are with investments or savings products such as pension plans or otherwise the principal could be repaid by the resale of the house.
Determining which sort of loan repayment method is right for you is governed by your individual financial and employement situation.
With a repayment mortgage loan you have the guarantee that the property will be fully repaid at the end of the term. Still in the early years of your mortgage the majority of your mortgage payments will be payment of interest rather than the principal amount. If you have to move place of residence repeatedly or remortgage to benefit from a better interest rate, you could find that little of the capital amount gets paid back.
With an interest-only mortgage loan, if your investment vehicles perform better that predictade, you can reimburse the capital faster than projected, reducing the length of mortgage and saving money. Ahead of reaching a decision about the type of mortgage which is right for you, we encourage that you contact an independent financial advisor.
How much can I receive from a mortgage company?
Whilst there are no defined definitions as to what level a lender is prepared to lend, in general if you plan to buy a home for you and your family, mortgage lenders could offer you an advance of around 3.5 times your gross annual income, based on your personal situation, such as employment status, your credit history ,etc…
Before you proceed with signing to get a mortgage you should to work on your budget listing your monthly income and your monthly outgoings such as electricity bills, phone and mobile bills, food shopping, current, unsecured loan repayments and any ofther bills you get each month. Within this budget for the monthly cost of your new home (including different utility bills and council tax). Make sure to include insurance premiums in your calculation buildings insurance and mortgage insurance. Your budget will give you a better idea of the monthly repayment you are able to realistically afford
What amount of mortgage deposit do lenders want?
The greater part of lenders will lend you no more than 90% of the value of your prospective home, meaning you need a 10% deposit. On the other hand, a few mortgage lenders will grant you up to 100% but this kind of lending is less attractive and is in some instances an expensive solution to get a loan. A bigger deposit of above 15%, will present you with a greater choice of mortgage solutions with a more attractive interest rate
Applying for a mortgage with a low credit record
A small group of mortgage lenders provide mortgages for borrowers with a poor credit file (CCJs) These mortgage lenders are called sub prime lending companies. They will consider any poor credit application (default, arrears, ccj's). With the larger risk with providing a loan to people with adverse credit, these sub prime lenders demand a higher interest (APR) on the loan.
With an adverse credit history (ccj's / arrears) you have to reflect carefully about the cost of applying for a bad credit mortgage loan. You need to have a bigger deposit of in some instances 20% or more.
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