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Looking for the correct mortgage may prove to be a complex process. The world wide web can speed up the mortgage application process in most cases. These days a great number of lenders have an online representation and can present their mortgage benefits over the web. You can take advantage of the web to speak to mortgage intermediaries to ask for further information. The mortgage company's advisor will be able to advise you on a suitable
What is a mortgage?
In basic terms a mortgage product is a loan borrowed to acquire a home, repaid over an established amount of time. The usual repayment term of a mortgage is 25 years but it can be modified to match your personal circumstances.
A mortgage is made up of two clear parts : the capital (the amount taken) and the interest (the fee charged by the mortgage provider for the benefit of taking out the capital).
There are in effect 2 categories of mortgage loans :
A repayment mortgage loan pays off both the principal and the interest of the loan during the period of the mortgage. On the condition that the exact monthly repayments are paid at the correct time, a repayment mortgage product warrants that the full amount of the mortgage debt will be paid off at the finishing point of the mortgage term.
An interest only mortgage pays back only the interest on the mortgage taken out - therefore the "interest only" name. Since the mortgage capital is not included in this kind of mortgage product, you are responsible to make your own plan to guarantee the capital is paid before or at the end of the mortgage repayment period. Usual approaches of managing the interest-only mortgage are through savings or investments plans such as ISAs or alternatively the capital may be provided by the resale of other assets.
Knowing which sort of loan repayment method is most appropriated can be determined by your personal financial and employement circumstances.
With a repayment mortgage loan you benefit from the certitude that your house will be fully reimbursed at the end of the mortgage. On the other hand at the beginning of your mortgage the best part of your mortgage payments will end up being payment of interest rather than the principal amount. If you have to move home on a regular basis or re-mortgage to benefit from a better rate, you can find out that little of the capital loan is reimbursed.
With an interest-only mortgage loan, if your investment vehicles perform better that imagined, you could repay the capital faster than planned, reducing the term of mortgage and saving money. Prior to reaching a decision about the sort of mortgage product which is the most suitable for you, we suggest that you speak to a fully trained mortgage advisor.
What amount can we obtain from a mortgage lender?
While there are no defined definitions as to what level a mortgage provider is prepared to lend, in general if you want to buy a house for you and your family as your principal residence, mortgage companies could lend around a maximum of 5 times your annual income, depending on your individual situation, such as number of children you have, your current level of borrowing ,etc…
Before you take up an application to borrow money you should to work on your accounts featuring your income and your monthly outgoings such as electricity bills, telecom bills, food shopping, current, personal loan repayments and any ofther bills you get every month. As part of this account for the cost of a new house (including different utility bills and council tax). Don't forget to include insurance premiums in your calculation house insurance and mortgage protection insurance. This method will give you a fair idea of the monthly repayment you may have the capacity to plausibly afford
How much deposit do mortgage lenders require ?
Most mortgage providers will advance you no more than 90% of the current value of your intended property, meaning you will need a 10% deposit. However, some mortgage companies will offer you up to 100% but this kind of loan is less attractive and is in some ways an expensive way to get a loan. A decent deposit of above 15%, will provide you a competive variety of mortgage opportunities with a more attractive interest rate
Obtaining a mortgage with a poor credit record
A minority of mortgage companies provide mortgages for borrowers suffering from a bad credit record (CCJs, defaults, arrears) These mortgage companies are called sub-prime lenders. They will review any adverse credit mortgage applicant (CCJs, defaults, arrears). Based on the larger level of risk involved in offering a loan to applicants with poor credit, these sub prime mortgage companies will charge a higher APR on the advance.
With an adverse credit rating (defaults, arrears, ccj's) you have to think carefully regarding the expense of applying for a poor credit mortgage. You need to secure a superior level of deposit of in some cases 20 percent and above.
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