Compare UK 100% Mortgages Rates
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Searching for the correct mortgage product can prove to be a testing task. The internet could facilitate the experience in most cases. Currently an increasing number of mortgage lenders have an online representation and can publish their mortgage benefits over the internet. You can use the web to get through to mortgage intermediaries to get mortgage advice. The mortgage broker's representative should be able to advise you on the most suitable
What is a mortgage?
In plain terms a mortgage is a monetary advance given to pay for a house, repaid over an established loan term. The normal repayment period of a mortgage is around 25 years but it can be reduced to reflect your personal circumstances.
A mortgage is made up of two noticeable components : the capital (the lump sum given) and the interest (the monthly fee charged by the mortgage company for the benefit of receiving the principal amount).
There are to all intents and purposes 2 categories of mortgages :
A repayment mortgage product pays off both the capital and the interest over the agreed term of the mortgage. Provided that the exact monthly repayments are met regulary and on time, a repayment mortgage loan warrants that the full amount of the mortgage loan will be repaid at the closing of the mortgage agreed period.
An interest only mortgage pays back only the interest on the loan taken out - hence the "interest only" name. Since the capital is not repaid monthly in this sort of mortgage loan, you have to make your own provision to ensure the capital is paid before or at the end of the mortgage agreed duration. Standard approaches of organising this sort of mortgage capital are via investments or savings products for instance ISAs or alternatively the capital could be paid by the sale of the house.
Knowing which type of mortgage repayment approach is right for you is governed by 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. Still at the start of your mortgage the greater part of your monthly repayments will in fact be payment of interest rather than the principal amount. If you plan to move place of residence repeatedly or re-mortgage to get a better mortgage deal, you may realise that little of the capital loan gets paid back.
With an interest-only mortgage, if your savings vehicles perform better than expected, you can reimburse the principal faster than expected, lessening the term of mortgage and saving money. Prior to reaching a decision about the kind of mortgage product which is right for you, we recommend that you speak to a fully qualified mortgage advisor.
What amount can I obtain from a mortgage lender?
While there are no set guidelines as to what level a lender wishes to lend, usually if you want to buy a property as your main place of residence, mortgage lenders may be willing to lend you around 3 times your joint gross annual revenue, based on your individual circumstances, such as employment status, your current level of borrowing ,etc…
Before you sign up to an agreement to borrow money it is recommended to work on a budget detailing your salary and your bills such as electricity bills, phone and mobile bills, the cost of your car, existing, personal loan repayments and any ofther bills you get every month. Within this account for the cost of your new property (including new utility bills and taxes). Don't forget to add insurance premiums in your calculation buildings insurance or repayment protection insurance. Your budget will present you with a good idea of the mortgage you may be able to reasonably afford
How much mortgage deposit do mortgage lenders want ?
The majority of mortgage companies will give you no more than 90% of the purchase price of your new property, meaning you will need a 10% deposit. On the other hand, a minority of mortgage companies will give you up to 100% but this sort of mortgage loan is less advantageous and is in some cases an expensive solution to get a mortgage. A decent deposit of 15% or more, will give you a competive variety of mortgage offers, with a more attractive interest rate
Obtaining a mortgage loan with a poor credit file
A small group of mortgage providers can offer lending for borrowers suffering from a low credit record (CCJs) These mortgage lenders are called subprime lenders. They will consider any adverse credit mortgage application (CCJs, defaults, arrears). Based on the bigger level of risk with offering a mortgage to people with impaired credit, these sub-prime mortgage companies charge a superior interest rate on the loan.
With an impaired credit history (ccj's / arrears) you have got to consider carefully concerning the cost of applying for a poor credit mortgage. You will be required to have a bigger deposit of no less than 15% or more.
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