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Searching for the right mortgage provider may prove to be a time consuming process. Access to the web could end up simplify the application process in most cases. Nowadays the vast majority of mortgage intermediaries have an online representation and can introduce their mortgage offers over the web. You can make use of the internet to get in touch with mortgage intermediaries to ask for advice. The mortgage company's representative should be able to help you on the right
A basic mortgage definition
In plain terms a mortgage is a personal loan organised to acquire a home, repaid over a set amount of time. The standard repayment period of a mortgage loan is twenty five years however it can be varied to suit your individual situation.
A mortgage is composed of two clear components : the principal (the amount given) and the interest (the amount charged by the mortgage provider for the benefit of receiving the capital).
There are to all intents and purposes 2 kinds of mortgage products :
A repayment mortgage repays both the principal and the interest during the life of the mortgage. Assuming that the defined monthly payments are met regulary and on time, a repayment mortgage promises that the whole of the mortgage debt will be paid at the end of the loan agreed term.
An interest only mortgage pays off only the interest on the mortgage received - and so the "interest only" name. Due to the fact the mortgage capital is not regulary repaid in this sort of mortgage loan, you have to make your own plan to assure the capital is returned before or at the end of the mortgage agreed period. Popular methods of providing this type of mortgage capital are by means of savings or investments plans such as endowment policies or the capital may be provided by the sale of the house.
Determining which type of loan repayment method is most appropriated depends on your individual financial situation.
With a repayment mortgage product you have the assurance that your house will be totally repaid at the end of the term. On the other hand at the start of your loan the best part of your monthly payments will in fact be payment of interest rather than capital repayment. If you have to move place of residence regulary or re-mortgage to get more flexibility, you may find that a small amount of the principal is repaid.
With an interest-only mortgage product, if your savings or investments vehicles perform better than anticipated, you could reimburse the capital quicker than expected, reducing the duration of mortgage and saving money. Before deciding about the sort of mortgage which is the most suitable for you, we suggest that you contact a fully qualified mortgage advisor.
How much can you borrow from a mortgage company?
Despite the fact that there are no exact definitions as to what amount a mortgage provider wishes to lend, in general if you want to purchase a house for you and your family as your principal residence, mortgage companies may lend you about a maximum of 5 times your joint gross annual income, based on your individual situation, such as employment status, your credit history ,etc…
Before you enter an agreement to borrow money it is recommended to draw up a budget featuring your monthly income and your spending such as utility bills, phone bills, supermarket bills, ongoing, debt repayments and any ofther bills you have each month. As part of this estimate the monthly cost of your new home (including new runing cost / bills and taxes). Make sure to add insurance costs in your plan home insurance or mortgage protection insurance. Your budget will provide you with a fair idea of the mortgage repayment you may be able to sensibly afford
How much deposit do we need?
The vast majority of mortgage providers will give you a maximum of 90% of the purchase value of your prospective home, meaning you need a 10% deposit. However, a few mortgage providers will offer you up to 100% but this sort of mortgage loan is less attractive and is in some cases an expensive option to get a mortgage. A bigger deposit of above 25%, will give you access to a wider variety of mortgage offers, with the most attractive mortgage rates
Taking a mortgage with a low credit record
A small group of mortgage providers can offer mortgage loans for applicants with a adverse credit rating (CCJs, defaults, arrears) These mortgage providers are called sub prime lending companies. They will consider any adverse credit mortgage application (arrears, ccj's). With the greater risk involved in providing a mortgage to applicants with adverse credit, these subprime mortgage companies request a superior level of interest (APR) on the mortgage loan.
With a bad credit history (CCJs, defaults) you have to reflect cautiously regarding the expense of applying for a bad credit mortgage. You will be required to have a higher level of deposit of in some situations 20% and above.
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