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Searching for a suitable mortgage product can prove to be an arduous experience. The world wide web can facilitate the task in most cases. These days the great majority of mortgage providers have a web site and can publish their mortgage deals over the internet. You can take advantage of the web to make contact with lenders to ask for a quote. The mortgage lender's representative will be able to advise you on the right

A basic understanding of a mortgage
In basic terms a mortgage is an advance provided to acquire a home, repaid over a specified period. The standard term of a mortgage is 25 years but it can be adapted to meet your personal circumstances.

A mortgage is made up of two distinct elements : the capital (the lump sum given) and the interest (the monthly fee charged by the lender for the advantage of receiving the principal amount).

There are essentially 2 types of mortgage products :

A repayment mortgage loan pays off both the principal and the interest of the loan during the period of the mortgage. Providing the defined monthly payments are made in good time, a repayment mortgage loan promises that the totality of the mortgage debt will be covered at the close of the mortgage agreed term.

An interest only mortgage repays only the interest on the mortgage given - for this reason the "interest only" name. Due to the fact the principal amount is not reimbursed in this kind of mortgage loan, you are responsible to make your own preparation to assure the capital is returned before or at the end of the mortgage agreed term. Common approaches of arranging this kind of mortgage loan are by the use of savings or investments products such as endowment plans or alternatively the capital may be paid by the resale of the house.

Knowing which kind of loan repayment approach is most appropriated can be influenced by your individual financial situation.

With a repayment mortgage you benefit from the peace of mind that your property will be fully reimbursed at the end of the loan. However, in the early years of your loan the bulk of your monthly payments will end up being payment of interest rather than the principal amount. If your plan is to move house on a regular basis or remortgage to obtain a better deal, you can discover that a small percentage of the capital is reimbursed.

With an interest-only mortgage product, if your investments or savings vehicles perform better than anticipated, you could repay the principal sooner than expected, bringing down the duration of the loan and making a great saving. Ahead of reaching a decision about the sort of mortgage which is right for you, we recommend that you speak to an independent mortgage advisor.

How much can we borrow from a mortgage company?
Even though there are no set rules as to what level a provider is prepared to lend, generally if you want to purchase a house for yourself as your main place of residence, mortgage lenders may be willing to lend you about up to x 5 your joint annual income, depending on your individual situation, such as number of children you have, your current level of debt ,etc…

Before you proceed with an application to take a mortgage it is advised to work on your budget outlining your income and your outgoings such as electricity bills, telecom bills, transport costs, existing, loan repayments and any ofther bills you get each month. As part of this budget for the cost of your new home (including different runing cost / bills and council tax). Don't forget to include insurance costs in your budget contents insurance and mortgage insurance. Your financial budget will give you a better idea of the mortgage repayment you might be able to practically afford

How much mortgage deposit do I need?
The majority of mortgage providers will lend you a maximum of 90 percent of the purchase value of the property, meaning you will be required to provide a ten percent deposit. On the other hand, some mortgage providers will advance you up to 100% but this type of mortgage is less advantageous and is in some ways a very expensive way to get a mortgage loan. A larger deposit of more than 25%, will give you a greater variety of mortgage solutions with a more competitive rate

Getting a mortgage loan with a poor credit rating
Some mortgage providers offer lending for people with a low credit history (CCJs) These mortgage companies are called subprime lenders. They will review any adverse credit applicant (arrears, ccj's). With the larger risk with offering a loan to applicants with low credit, these subprime mortgage companies demand a top interest (APR) on the mortgage loan.

With an adverse credit history (ccj's / arrears) you should think thoroughly concerning the expense of applying for a poor credit mortgage. You need to secure a larger deposit of a minimum of 15% and above.

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