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Getting an appropriate mortgage lender may find to be a tough experience. The web could end up speed up the application process in most cases. Currently the vast majority of lenders have an online presence and can display their benefits and rates over the web. You can use the world wide web to contact lenders to request a personalised quote. The mortgage intermediary's representative will be able to advise you on the most suitable
A basic understanding of a mortgage
In plain terms a mortgage is a lump sum borrowed to buy a property, repaid over a defined loan term. The common repayment term of a mortgage is between 20 and 25 years however it can be reduced to tie in with your personal situation.
A mortgage is composed of two clear components : the principal (the lump sum borrowed) and the interest (the fee charged by the mortgage company for the benefit of receiving the principal amount).
There are essentially 2 categories of mortgage products :
A repayment mortgage loan pays back both the principal and the interest during the period of the mortgage. If the defined monthly repayments are made in good time, a repayment mortgage loan warrants that the whole of the mortgage loan will be settled at the completion of the loan period.
An interest only mortgage pays off only the interest on the amount received - and so the "interest only" name. As the principal mortgage amount is not repaid in this kind of mortgage loan, you need to make your own provision to ensure the capital is reimbursed before or at the end of the mortgage agreed duration. Popular methods of organising this kind of mortgage product are by means of investments or savings products such as endowment plans or the principal can be paid by the sale of the property.
Establishing which type of mortgage loan repayment method is right for you is governed by your personal financial situation.
With a repayment mortgage product you benefit from the guarantee that your property will be totally reimbursed at the end of the mortgage. However, in the early stages of your mortgage most of your monthly repayments are payment of interest rather than the principal amount. If you plan to move home on a regular basis or remortgage to get a better mortgage deal, you could find that little of the capital amount is repaid.
With an interest-only mortgage loan, if your savings vehicles perform better than expected, you could reimburse the capital faster than planned, reducing the borrowing terms of the loan and saving money. Ahead of making a decision about the sort of mortgage product which is best for you, we suggest that you get in touch with an independent financial advisor.
What amount can I take out from a mortgage lender?
Although there are no set guidelines as to how much a provider is ready to lend, commonly if you want to purchase a real estate property as your principal residence, mortgage companies may lend you around 3.5 times your joint gross annual salaries, depending on your individual circumstances, such as employment status, your current level of debt ,etc…
Before you enter an agreement to get a loan it is advised to work on your accounts detailing your income and your monthly spending such as gas and electricity bills, phone and mobile bills, transport costs, existing, credit card repayments and any ofther bills you get every month. Within this calculate the monthly cost of a new house (including different runing cost / bills and council tax). Don't forget to add all insurances in your budget contents insurance and / or repayment protection. Your financial budget will give you a fair idea of the repayment you might be able to really afford
What amount of mortgage deposit do I need?
The majority of mortgage providers will offer you a maximum of 90 percent of the purchase price of your prospective home, meaning you will need a 10% deposit. However, a minority of mortgage lenders will loan you up to 100% but this sort of loan is less advantageous and is in some cases an expensive method to get a loan. A bigger deposit of above 20%, will give you access to a wider range of mortgage opportunities with a more competitive interest rate
Applying for a mortgage with a low credit file
Some mortgage companies specialise in mortgages for borrowers suffering from a poor credit rating (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 people with poor credit, these subprime mortgage companies require an elevated level of interest rate on the loan.
With an impaired credit history (CCJs, defaults) you ought to think carefully concerning the expense of taking out a subprime mortgage. You will be required to have a greater deposit of in some cases 20% or more.
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