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Searching for the right mortgage can prove to be a testing experience. Access to the internet could ease the experience in the majority of cases. At the present time an increasing number of mortgage lenders have an online representation and can present their best mortgage offers over the web. Take advantage of the internet to contact mortgage brokers to compare mortgage options. The lender's representative should be able to assist you on an appropriate
A basic understanding of a mortgage
In plain terms a mortgage is a monetary advance organised to acquire a house, to be repaid over a defined loan term. The standard repayment period of a mortgage loan is around 25 years however it can be adapted to reflect your individual situation.
A mortgage is made up of two definite elements : the capital (the lump sum given) and the interest (the fee charged by the mortgage lender for the benefit of receiving the amount borrowed).
There are essentially two sorts of mortgage products :
A repayment mortgage product pays back both the capital and the interest of the mortgage during the term of the mortgage. Given that the agreed monthly payments are made in good time, a repayment mortgage product warrants that the full amount of the mortgage loan will be paid back at the conclusion of the loan agreed duration.
An interest only mortgage pays off only the interest on the loan borrowed - and so the "interest only" name. As the principal amount is not repaid monthly in this kind of mortgage product, you are responsible to make your own plan to assure the capital is paid back before or at the end of the mortgage agreed duration. Usual methods of providing this style of mortgage are using investments or savings plans for instance endowment policies (also known as Endowment Mortgages) or alternatively the principal could be provided by an inheritance.
Establishing which type of mortgage loan repayment method to choose can be determined by your personal financial and employement circumstances.
With a repayment mortgage you have the assurance that the property will be fully reimbursed at the end of the term. However, at the start of your mortgage the greater part of your repayments will end up being payment of interest rather than capital. If you plan to move home regulary or re-mortgage to benefit from a better interest rate, you could find that a small percentage of the capital is repaid.
With an interest-only mortgage product, if your savings vehicles perform better than expected, you can reimburse the capital faster than expected, reducing the duration of mortgage and saving money. Ahead of deciding about the style of mortgage which is the most suitable for you, we advise that you speak to an independent financial advisor.
What amount can you obtain from a mortgage lender?
Although there are no exact rules as to how much a mortgage lender is willing to lend, commonly if you want to aquire a house for yourself, lenders could lend about x 3 your joint annual income, based on your personal circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you sign up to an agreement to get a loan it is recommended to work on your accounts outlining your monthly income and your bills such as gas and electricity bills, telephone bills, food shopping, current, credit card repayments and any ofther bills you have during the month. Within this estimate the monthly cost of your new home (including new utility bills and council tax). Don't forget to add insurances in your budget life insurance and mortgage protection insurance. This method will give you a fair idea of the monthly repayment you can plausibly afford
What amount of deposit do we need?
The vast majority of building societies will lend you up to 90 percent of the value of the house, meaning you will need a ten percent deposit. However, a small number of lenders will loan you up to 100% but this kind of lending is less advantageous and is in some ways a very expensive option to get a loan. A bigger deposit of 15% and above, will provide you a wider choice of mortgage prospects with a more attractive rate
Applying for a mortgage with a poor credit record
Some lenders can offer mortgage loans for people with a adverse credit history (CCJs, defaults) These lenders are called sub-prime lending companies. They will consider any low credit applicant (CCJs, defaults, arrears). Based on the larger risk involved in offering a loan to people with impaired credit, these sub-prime mortgage companies demand a top level of interest rate on the mortgage.
With an impaired credit history (CCJs, defaults) you have to think cautiously about the expense of applying for a bad credit mortgage. You need to secure a superior level of deposit of no lower than 20% or more.
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