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Searching for the right mortgage solution may be an arduous task. Access to the internet can smooth the mortgage application process in the majority of cases. Today an increasing number of mortgage companies have a web site and can publish their services and benefits over the web. You can use the world wide web to get through to lenders to ask for a quote. The mortgage lender's agent will be able to assist you on the most suitable

A basic mortgage definition
In simple terms a mortgage product is a monetary advance organised to buy a property, to be repaid over an established amount of time. The common term of a mortgage loan is around 25 years but it can be adapted to tie in with your individual circumstances.

A mortgage is made up of two clear components : the principal (the amount given) and the interest (the annual fee charged by the mortgage lender for the advantage of getting the capital).

There are in effect 2 sorts of mortgage loans :

A repayment mortgage pays back both the capital and the interest of the mortgage during the period of the mortgage. On the condition that the defined monthly repayments are made on time, a repayment mortgage product guarantees that the entirety of the amount borrowed will be covered at the conclusion of the loan term.

An interest only mortgage pays off only the interest on the monetary advance borrowed - hence the "interest only" name. Since the principal mortgage amount is not reimbursed in this type of mortgage, you are responsible to make your own provision to guarantee the capital is paid back before or at the end of the mortgage agreed period. Popular ways of arranging this style of mortgage are by means of savings products such as pension policies or the capital may be provided by the resale of the house.

Knowing which type of mortgage repayment approach is right for you depends on your individual employment and financial circumstances.

With a repayment mortgage loan you have the assurance that your property will be fully reimbursed at the end. However, in the early years of your loan the greater part of your repayments shall be payment of interest rather than capital repayment. If you have to move house on a regular basis or remortgage to get a more competitive rate, you may realise that a small percentage of the capital is reimbursed.

With an interest-only mortgage loan, if your savings vehicles perform better than anticipated, you could reimburse the capital sooner than planned, decreasing the borrowing terms of the loan and making a great saving. Before deciding about the type of mortgage product which is the most suitable for you, we advise that you speak to a qualified financial advisor.

How much can you obtain from a mortgage lender?
Even though there are no set rules as to what ceiling a provider is prepared to lend, commonly if you want to buy a property for you and your family as your principal residence, lenders could lend around 3.5 times your joint gross annual income, depending on your personal circumstances, such as employment status, your credit rating ,etc…

Before you proceed with an application to get a loan it is recommended to make your family budget featuring your income and your bills such as gas and electricity bills, telephone bills, transport costs, existing, personal loan repayments and any ofther bills you have each month. As part of this account for the monthly cost of a new home (including new runing cost / bills and taxes). Don't forget to add insurance premiums in your budget buildings insurance and mortgage insurance. Your accounts will provide you with a reasonable idea of the amount you may be able to sensibly afford

How much mortgage deposit do I need?
Often building societies will grant you a maximum of 90% of the purchase value of your prospective home, meaning you need a ten percent deposit. On the other hand, a small group of mortgage lenders will grant you a 100% mortgage but this kind of mortgage loan is less attractive and is in some ways an expensive solution to get a mortgage loan. A bigger deposit of more than 25%, will present you with a bigger choice of mortgage offers, with a more attractive interest rate

Obtaining a mortgage with a low credit file
A small group of mortgage companies specialise in mortgages for applicants suffering from a poor credit history (CCJs, defaults) These mortgage lenders are called sub prime lending companies. They will consider any poor credit mortgage application (default, arrears, ccj's). With the larger level of risk involved in lending to applicants with poor credit, these subprime mortgage companies charge a superior level of interest rate on the mortgage loan.

With an adverse credit history (defaults, arrears, ccj's) you should think carefully about the cost of taking out a sub-prime mortgage. You need to secure a higher level of deposit of no smaller than 25% and above.

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