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Looking for a good mortgage product may prove to be an arduous task. Access to the web will end up smooth the process in most cases. Currently many mortgage intermediaries have an online presence and can promote their typical mortgage rates over the web. Use the world wide web to get in touch with mortgage brokers to compare mortgage products. The lender's advisor will be able to advise you on the right
A basic mortgage definition
In simple terms a mortgage is a loan given to acquire real estate, to be repaid over a set amount of time. The common term of a mortgage is up to 25 years but it can be modified to go with your individual situation.
A mortgage is made up of two defined parts : the capital (the amount borrowed) and the interest (the monthly fee charged by the mortgage lender for the advantage of receiving the amount borrowed).
There are fundamentally two kinds of mortgage loans :
A repayment mortgage pays off both the capital and the interest of the mortgage over the agreed term of the mortgage. On the condition that the agreed monthly repayments are met at the correct time, a repayment mortgage product assures that the whole of the mortgage debt will be repaid at the closing of the mortgage term.
An interest only mortgage pays back only the interest on the loan received - hence the "interest only" name. As the principal amount is not reimbursed monthly in this sort of mortgage product, you must make your own preparation to guarantee the capital is covered before or at the end of the mortgage agreed duration. Usual approaches of providing this type of mortgage capital are through savings or investments products for instance endowment policies or otherwise the capital may be repaid by an inheritance.
Determining which type of loan repayment approach is most suited to you can be influenced by your individual financial and employement situation.
With a repayment mortgage product you benefit from the assurance that your property will be fully reimbursed at the end of the loan. However, at the start of your mortgage most of your mortgage payments will be payment of interest rather than capital. If you plan to move property on a regular basis or remortgage to benefit from a better rate, you could find that a small percentage of the capital is repaid.
With an interest-only mortgage product, if your savings or investments vehicles perform better that predictade, you could reimburse the capital faster than projected, slashing the term of mortgage and making a great saving. Before making a decision about the type of mortgage which is right for you, we encourage that you get in touch with a fully qualified mortgage advisor.
How much can we receive from a mortgage company?
Whilst there are no set definitions as to how much a mortgage company is ready to lend, generally if you plan to aquire a home for you and your family, mortgage companies may be willing to lend you around up to x 4 your joint annual income, depending on your personal circumstances, such as number of children you have, your current level of debt ,etc…
Before you enter an agreement to borrow money it is advised to work on a budget featuring your monthly income and your monthly expenses such as gas and electricity bills, telecom bills, transport costs, current, debt repayments and any other costs you have every month. As part of this calculate the monthly cost of a new property (including new utility bills and taxes). Make sure to include all insurances in your plan life insurance or repayment protection insurance. Your accounts will provide you with a clear idea of the repayment you could afford
How much mortgage deposit do mortgage companies require?
The best part of lenders will lend you up to 90% of the value of the property, meaning you need a 10% deposit. Nevertheless a small group of mortgage lenders will advance you up to 100% but this type of loan is less advantageous and is in some cases an expensive method to get a mortgage. A large deposit of above 20%, will provide you a competive variety of mortgage solutions with a more competitive interest rate
Applying for a mortgage with a low credit file
Some lenders can offer mortgages for people with a low credit rating (CCJs, defaults) These lenders are called subprime lenders. They will review any low credit mortgage application (CCJs, defaults, arrears). Based on the greater level of risk involved in lending to people with impaired credit, these sub prime mortgage companies will charge a top interest (APR) on the mortgage.
With an impaired credit record (defaults, arrears, ccj's) you have to consider cautiously about the cost of applying for a poor credit mortgage loan. You need to secure a bigger deposit of in some cases 25% or more.
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