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Looking for a suitable mortgage company can prove to be a strenuous experience. Access to the internet could simplify the mortgage process in the majority of cases. Nowadays a great number of mortgage brokers have a web site and can display their mortgage deals over the internet. You can make use of the web to get in touch with lenders to ask for advice. The mortgage lender's advisor will be able to advise you on a suitable
What is a mortgage?
In simple terms a mortgage is a personal loan given to buy real estate, repaid over an agreed amount of time. The usual repayment period of a mortgage is twenty five years but it can be revised to match your individual situation.
A mortgage is composed of two clear components : the principal (the amount borrowed) and the interest (the amount charged by the mortgage provider for the benefit of taking out the capital).
There are in effect two sorts of mortgage products :
A repayment mortgage pays back both the capital and the interest during the life of the mortgage. On the condition that the exact monthly repayments are made regulary and on time, a repayment mortgage loan promises that the full amount of the mortgage loan will be settled at the end of the mortgage agreed period.
An interest only mortgage pays back only the interest on the mortgage received - for this reason the "interest only" name. Since the capital is not included in this kind of mortgage product, you will need to make your own provision to ensure the capital is covered before or at the end of the mortgage repayment period. Usual methods of managing this type of mortgage are by the use of savings products such as pension policies or otherwise the capital could be paid by the resale of the house.
Knowing which sort of mortgage loan repayment approach to choose can be determined by your personal employment and financial situation.
With a repayment mortgage product you benefit from the certitude that the property will be totally reimbursed at the end of the loan. Nevertheless in the first few years of your mortgage the best part of your mortgage payments shall be payment of interest rather than repayment of the principal amount. If your plan is to move home on a regular basis or re-mortgage to get a more competitive rate, you can discover that a small amount of the capital is repaid.
With an interest-only mortgage product, if your savings vehicles perform better than expected, you can pay off the principal faster than planned, reducing the term of the loan and saving money. Before deciding about the type of mortgage product which is right for you, we encourage that you speak to a fully trained mortgage advisor.
How much can I obtain from a mortgage lender?
In spite of the fact that there are no defined definitions as to what ceiling a mortgage provider wishes to lend, by and large if you want to buy a home as your main place of residence, mortgage lenders could offer you a mortgage around x 3 your annual income, based on your personal circumstances, such as employment status, your current level of debt ,etc…
Before you apply to take a mortgage it is recommended to work on a budget outlining your salary and your expenses such as utility bills, telephone bills, food and clothing costs, ongoing, loan repayments and any other costs you get every month. As part of this budget for the monthly cost of a new home (including different utility bills and council tax). Don't forget to add all insurances in your budget house insurance and / or mortgage protection insurance. Your accounts will provide you with a reasonable idea of the mortgage you could practically afford
What amount of mortgage deposit do lenders want?
Most building societies will lend you a maximum of 90% of the purchase price of your new home, meaning you will be required to provide a 10% deposit. On the other hand, a minority of mortgage companies will give you up to 100% but this type of mortgage loan is less competitive and is in some instances a very expensive way to get a loan. A larger deposit of more than 15%, will give you access to a wider range of mortgage prospects with a more attractive mortgage interest rate
Taking a mortgage with a poor credit history
A small group of mortgage companies specialise in mortgages for borrowers with a low credit file (arrears, ccj's) These mortgage companies are called subprime lenders. They will consider any low credit mortgage applicant (CCJs, defaults, arrears). Due to the larger level of risk involved in providing a loan to people with poor credit, these sub prime mortgage lenders charge a superior level of interest (APR) on the mortgage.
With a low credit rating (defaults, arrears, ccj's) you must think carefully concerning the expense of applying for a sub-prime mortgage. You need to secure a bigger deposit of no less than 15 percent or more.
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