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Looking for the right mortgage solution might be a tiring process. Access to the web will end up improve the experience in most cases. At the present time a great number of mortgage providers have an internet presence and can publish their best mortgage offers over the internet. You can use the web to get in touch with mortgage lenders to compare mortgage products. The lender's advisor should be able to advise you on the best
Mortgage basics
In simple terms a mortgage is a loan taken to acquire a house, paid back over a specified amount of time. The common term of a mortgage loan is around 25 years however it can be revised to match your individual situation.
A mortgage is composed of two definite elements : the capital (the amount received) and the interest (the monthly fee charged by the lender for the advantage of getting the capital).
There are fundamentally two sorts 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 promises that the whole of the mortgage amount will be paid back at the completion of the mortgage agreed period.
An interest only mortgage pays back only the interest on the mortgage received - hence the "interest only" name. As the mortgage capital is not repaid in this kind of mortgage, you must make your own provision to ensure the principal is reimbursed before or at the end of the mortgage agreed duration. Standard methods of organising this type of mortgage product are through savings plans for instance pension plans or instead the principal could be repaid by an inheritance.
Determining which kind of loan repayment method is right for you is in relation with your personal financial circumstances.
With a repayment mortgage product you have the assurance that your property will be totally reimbursed at the end of the loan. Still in the early years of your mortgage the majority of your repayments will in fact be payment of interest rather than the principal amount. If you plan to move house regulary or remortgage to reduce the interest rate, you could find that a small amount of the principal is reimbursed.
With an interest-only mortgage product, if your savings or investments vehicles perform better that predictade, you could repay the principal faster than projected, slashing the borrowing terms of the loan and as a result saving money on interest. Prior to deciding about the kind of mortgage which is the most suitable for you, we suggest that you get in touch with a qualified financial advisor.
How much can we receive from a mortgage company?
Although there are no defined rules as to how much a mortgage company is willing to lend, by and large if you want to aquire a real estate property for you and your family, mortgage companies could be willing to lend you around 3 times your joint gross annual revenue, depending on your personal circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you proceed with an application to get a loan you should to draw up your accounts featuring your salary and your monthly outgoings such as utility bills, telecom bills, supermarket bills, current, loan repayments and any ofther bills you get every month. As part of this account for the monthly cost of your new property (including new utility bills and taxes). Don't forget to include insurance costs in your plan home insurance and repayment protection. This approach will give you a better idea of how much you might be able to realistically afford
How much mortgage deposit do mortgage lenders want ?
The greater part of mortgage providers will loan you up to 90 percent of the purchase price of your new house, meaning you need a 10% deposit. However, a minority of lenders will grant you a 100% mortgage but this sort of lending is less advantageous and is in some instances a very expensive way to get a mortgage. A larger deposit of 15% and above, will present you with a bigger choice of mortgage prospects with a more attractive rate
Obtaining a mortgage with a poor credit record
A minority of mortgage lenders can offer lending for borrowers suffering from a adverse credit file (CCJs, defaults, arrears) These mortgage companies are called subprime lenders. They will review any impaired credit application (default, arrears, ccj's). With the greater level of risk involved in providing a mortgage to applicants with low credit, these subprime lenders charge a higher level of interest rate on the mortgage.
With a low credit rating (arrears, ccj's) you have got to reflect cautiously about the expense of taking out a sub-prime mortgage loan. You need a greater deposit of a minimum of 25% or more.
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