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Getting a suitable mortgage product can prove to be a demanding task. Access to the web can end up speed up the mortgage process in the majority of cases. Currently many mortgage providers have an online representation and can publish their mortgage benefits over the web. You can use the internet to contact mortgage lenders to request a personalised quote. The mortgage intermediary's advisor should be able to assist you on a suitable

Mortgage basics
In basic terms a mortgage is an advance borrowed to acquire a property, repaid over a specified term. The typical term of a mortgage is 25 years however it can be revised to go with your personal situation.

A mortgage is made up of two distinct components : the capital (the lump sum received) and the interest (the monthly fee charged by the lender for the benefit of receiving the capital).

There are basically two kinds of mortgage products :

A repayment mortgage pays back both the capital and the interest of the loan over the duration of the mortgage. Assuming that the agreed monthly payments are made regulary and on time, a repayment mortgage assures that the full amount of the mortgage loan will be covered at the completion of the mortgage term.

An interest only mortgage pays off only the interest on the lump sum received - therefore the "interest only" name. As the capital is not repaid monthly in this kind of mortgage loan, you must make your own plan to assure the principal is returned before or at the end of the mortgage agreed term. Standard methods of managing this type of mortgage are using savings or investments products such as endowment plans or instead the capital can be paid by the sale of the real estate.

Knowing which type of mortgage loan repayment approach is right for you is governed by your individual financial and employement circumstances.

With a repayment mortgage you have the certitude that your house will be totally repaid at the end of the loan. Nevertheless in the early years of your mortgage the bulk of your monthly payments shall be payment of interest rather than repayment of the principal amount. If you plan to move home regulary or remortgage to get a better mortgage deal, you can discover that a small percentage of the capital gets paid off.

With an interest-only mortgage loan, if your savings or investments vehicles perform better than expected, you can pay off the capital faster than expected, reducing the borrowing terms of the loan and as a benefit, reducing the amount of interest paid to the lender. Before deciding about the sort of mortgage product which is the most suitable for you, we recommend that you get in touch with a fully qualified mortgage advisor.

What amount can you take out from a mortgage lender?
While there are no defined definitions as to what level a mortgage provider wishes to lend, usually if you plan to purchase a house for you and your family, lenders could offer you an advance of about a maximum of x 5 your joint gross annual salaries, depending on your personal situation, such as employment status, your credit rating ,etc…

Before you apply to get a mortgage it is recommended to work on your accounts listing your different incomes and your monthly outgoings such as utility bills, telephone bills, transport costs, ongoing, unsecured loan repayments and any ofther bills you get during the month. As part of this account for the cost of a new home (including new utility bills and taxes). Make sure to include insurance costs in your budget home insurance or mortgage protection insurance. Your accounts will provide you with a good idea of the amount you have the capacity to really afford

How much mortgage deposit do lenders want?
The greater part of lenders will offer you a maximum of 90 percent of the purchase price of the property, meaning you will need a ten percent deposit. However, a small group of mortgage providers will give you a 100% mortgage but this type of lending is less advantageous and is in some ways a very expensive method to get a loan. A bigger deposit of 15% and above, will present you with a large variety of mortgage offers, with the most attractive rates

Getting a mortgage loan with a low credit history
A minority of mortgage companies can offer lending for people disadvantaged by a poor credit history (CCJs, defaults, arrears) These lenders are called sub prime lending companies. They will consider any bad credit application (CCJs, defaults, arrears). Based on the bigger risk involved in offering a loan to applicants with impaired credit, these sub prime lenders will charge an elevated interest rate on the mortgage loan.

With an adverse credit rating (ccj's / arrears) you must consider cautiously about the cost of applying for a sub prime mortgage loan. You need a greater deposit of a minimum of 25% and above.

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