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Looking for a suitable mortgage deal can be a time consuming task. Access to the internet will simplify the mortgage application process in the majority of cases. At the present time many lenders have an online web site and can present their benefits and rates over the web. Use the web to contact mortgage companies to get specific quotes. The mortgage lender's advisor should be able to advise you on the right
Mortgage basics
In basic terms a mortgage product is a lump sum made available to acquire a house, paid back over an established term. The standard repayment term of a mortgage is twenty five years however it can be adapted to go with your personal circumstances.
A mortgage is composed of two clear elements : the capital (the amount taken) and the interest (the annual fee charged by the lender for the advantage of getting the amount borrowed).
There are in effect two categories of mortgage products :
A repayment mortgage loan repays both the principal and the interest of the loan over the term of the mortgage. Assuming that the defined monthly payments are made in good time, a repayment mortgage product guarantees that the whole of the amount borrowed will be covered at the conclusion of the mortgage term.
An interest only mortgage pays back only the interest on the lump sum given - for this reason the "interest only" name. As the principal mortgage amount is not repaid in this kind of mortgage loan, you have to make your own preparation to assure the principal is returned before or at the end of the mortgage agreed term. Usual approaches of organising this kind of mortgage capital are through savings or investments products such as endowment policies (also known as Endowment Mortgages) or the principal may be paid by an inheritance.
Determining which kind of mortgage repayment method is the best for you can be determined by your personal employment and financial circumstances.
With a repayment mortgage product you benefit from the guarantee that your home will be totally repaid at the end of the loan. Yet in the early stages of your loan most of your monthly payments will be payment of interest rather than repayment of the principal amount. If you plan to move house regulary or re-mortgage to benefit from a better interest rate, you could find that a small amount of the capital gets paid back.
With an interest-only mortgage product, if your investment plans perform well, you could repay the principal quicker than expected, slashing the duration of the loan and as a benefit, reducing the amount of interest paid to the lender. Before reaching a decision about the type of mortgage which is best for you, we encourage that you contact a fully trained mortgage advisor.
What amount can we borrow from a mortgage company?
Despite the fact that there are no defined definitions as to what amount a mortgage company is ready to lend, normally if you want to buy a real estate property for you and your family, lenders could offer you an monetary advance of about up to x 4 your gross annual salary, based on your personal situation, such as employment status, your current level of borrowing ,etc…
Before you proceed with an application to get a loan it is recommended to work on your family budget itemising your income and your monthly outgoings such as gas and electricity bills, telecom bills, food and clothing costs, current, unsecured loan repayments and any ofther bills you have each month. As part of this estimate the cost of a new house (including new utility bills and council tax). Make sure to add all insurance premiums in your plan life insurance and repayment protection. Your accounts will provide you with a better idea of the mortgage you can really afford
How much mortgage deposit do mortgage lenders require ?
The vast majority of building societies will lend you up to 90% of the current value of your new home, meaning you will need a ten percent deposit. Nevertheless a minority of mortgage companies will advance you up to 100% but this kind of mortgage loan is less advantageous and is in some ways a very expensive option to get a mortgage. A larger deposit of more than 25%, will give you a bigger choice of mortgage prospects with a more attractive mortgage interest rate
Applying for a mortgage loan with a bad credit record
A small group of mortgage lenders offer lending for borrowers disadvantaged by a adverse credit history (CCJs, defaults) These mortgage lenders are called subprime lending companies. They will review any low credit mortgage application (ccj's / arrears). Based on the bigger level of risk with providing a loan to applicants with low credit, these sub-prime mortgage providers require a higher level of interest (APR) on the mortgage loan.
With a poor credit history (arrears, ccj's) you have to reflect thoroughly regarding the cost of getting a subprime loan. You need a bigger deposit of a minimum of 15 percent or more.
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