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Finding an appropriate mortgage provider may find to be a tough process. Access to the internet can ease the mortgage application process in most cases. Nowadays most mortgage lenders have an online presence and can present their mortgage services over the internet. Use the internet to contact lenders to ask for a quote. The mortgage company's representative should be able to assist you on the most suitable
A basic mortgage definition
In basic terms a mortgage is a loan borrowed to pay for a property, to be repaid over a set loan term. The general term of a mortgage is between 20 and 25 years but it can be modified to suit your personal situation.
A mortgage is made up of two clear elements : the capital (the lump sum taken) and the interest (the amount charged by the mortgage provider for the benefit of getting the amount borrowed).
There are in actual fact two categories of mortgage products :
A repayment mortgage product repays both the principal and the interest over the term of the mortgage. Assuming that the defined monthly payments are met regulary and on time, a repayment mortgage product promises that the totality of the mortgage debt will be paid at the closing of the mortgage agreed period.
An interest only mortgage repays only the interest on the advance taken out - therefore the "interest only" name. As the principal mortgage amount is not reimbursed in this sort of mortgage, you are responsible to make your own provision to ensure the capital is paid before or at the end of the mortgage agreed period. Common approaches of organising this style of mortgage capital are through savings or investments products for example pension plans or instead the capital could be provided by the sale of the real estate.
Establishing which type of loan repayment method is most appropriated is subject to your personal financial circumstances.
With a repayment mortgage you benefit from the assurance that the property will be totally reimbursed at the end of the loan. However, at the start of your loan the majority of your monthly payments will in fact be payment of interest rather than repayment of the principal amount. If your plan is to move home regulary or re-mortgage to secure a better mortgage rate, you can discover that a small amount of the capital is reimbursed.
With an interest-only mortgage, if your savings plans perform better that predictade, you could pay off the capital faster than projected, cutting down the length of the loan and saving money. Prior to making a decision about the kind of mortgage product which is best for you, we recommend that you speak to a fully trained mortgage advisor.
How much can you receive from a mortgage lender?
In spite of the fact that there are no exact rules as to what amount a mortgage provider is prepared to lend, by and large if you plan to aquire a real estate property as your principal residence, mortgage lenders could lend around 3 times your joint annual income, depending on your personal situation, such as number of children you have, your credit history ,etc…
Before you proceed with an application for a mortgage you are advised to work on your family budget outlining your different incomes and your bills such as gas and electricity bills, telephone bills, food shopping, ongoing, loan repayments and any other costs you get during the month. As part of this estimate the cost of a new property (including new utility bills and council tax). Don't forget to include insurance costs in your budget buildings insurance and mortgage protection insurance. This method will present you with a good idea of the monthly repayment you can practically afford
How much deposit do mortgage lenders require ?
Most building societies will offer you a maximum of 90 percent of the value of the property, meaning you will be required to provide a ten percent deposit. Nevertheless some mortgage companies will offer you up to 100% but this type of loan is less competitive and is in some cases an expensive way to get a mortgage. A large deposit of more than 25%, will provide you a bigger choice of mortgage prospects with a more competitive interest rate
Getting a mortgage with a poor credit rating
A small group of mortgage providers can offer lending for borrowers disadvantaged by a bad credit history (CCJs, defaults, arrears) These mortgage companies are called sub-prime lenders. They will consider any adverse credit application (ccj's / arrears). With the bigger level of risk with providing a loan to people with poor credit, these sub-prime lenders demand a top interest (APR) on the mortgage.
With an impaired credit record (arrears, ccj's) you have to reflect thoroughly about the expense of taking out a poor credit loan. You need a larger deposit of in some situations 20% or more.
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