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Finding an appropriate mortgage company can prove to be a testing experience. The web could simplify the task in most cases. At the present time most mortgage intermediaries have an online presence and can promote their typical mortgage rates over the web. Use the internet to contact lenders to compare mortgage options. The mortgage lender's agent will be able to assist you on the best
What is a mortgage?
In plain terms a mortgage is a personal loan taken to purchase a house, repaid over an established term. The usual repayment term of a mortgage loan is between 20 and 25 years however it can be adapted to reflect your individual circumstances.
A mortgage is composed of two definite parts : the capital (the amount borrowed) and the interest (the amount charged by the mortgage provider for the advantage of taking out the principal amount).
There are to all intents and purposes two kinds of mortgage products :
A repayment mortgage repays both the principal and the interest of the loan over the agreed term of the mortgage. Given that the defined monthly payments are met at the correct time, a repayment mortgage loan offers the assurance that the entirety of the mortgage debt will be paid at the closing stage of the mortgage agreed period.
An interest only mortgage pays back only the interest on the lump sum taken out - and so the "interest only" name. Due to the fact the principal mortgage amount is not reimbursed in this type of mortgage product, you are responsible to make your own plan to guarantee the capital is reimbursed before or at the end of the mortgage term. Common methods of organising this kind of mortgage product are by means of savings plans such as pension policies or alternatively the capital may be paid by the sale of the real estate.
Knowing which kind of mortgage loan repayment approach to choose can be determined by your personal financial circumstances.
With a repayment mortgage loan you have the assurance that the property will be totally reimbursed at the end. However, in the first few years of your mortgage most of your monthly payments are payment of interest rather than repayment of the principal amount. If you have to move house regulary or re-mortgage to get more flexibility, you could find that little of the capital gets paid back.
With an interest-only mortgage product, if your investments or savings plans perform well, you could repay the principal quicker than projected, cutting down the term of the loan and making a great saving. Prior to reaching a decision about the style of mortgage which is the most suitable for you, we recommend that you contact a fully qualified financial advisor.
How much can we obtain from a mortgage company?
Even though there are no exact rules as to what level a mortgage company is willing to lend, generally if you want to purchase a real estate property as your principal residence, mortgage providers could be willing to lend you about 3 times your gross annual salary, depending on your personal circumstances, such as number of children you have, your credit history ,etc…
Before you apply to get a loan it is recommended to draw up your budget outlining your different incomes and your bills such as electricity bills, telecom bills, supermarket bills, existing, credit card repayments and any ofther bills you have during the month. Within this budget for the monthly cost of a new property (including new runing cost / bills and council tax). Be sure to include all insurances in your calculation buildings insurance or repayment protection. This method will present you with a good idea of the mortgage you can afford
What amount of mortgage deposit do I need?
The best part of mortgage companies will lend you no more than 90 percent of the value of your prospective home, meaning you will be required to provide a ten percent deposit. On the other hand, a small group of mortgage providers will give you up to 100% but this kind of mortgage is less competitive and is in some instances a very expensive way to get a loan. A large deposit of above 20%, will give you access to a large range of mortgage prospects with the most attractive rates
Getting a mortgage loan with a poor credit rating
A minority of lenders can offer mortgage loans for borrowers with a low credit history (CCJs, defaults, arrears) These mortgage lenders are called subprime lenders. They will consider any poor credit mortgage application (CCJs, defaults, arrears). Based on the higher level of risk with offering a mortgage to applicants with low credit, these sub prime lenders demand a higher interest rate on the advance.
With a bad credit rating (CCJs, defaults, arrears) you need to reflect thoroughly regarding the cost of getting a subprime mortgage loan. You need to have a larger deposit of no less than 15 percent and above.
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