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Getting a suitable mortgage broker can prove to be a time consuming experience. Access to the internet can end up facilitate the task in the majority of cases. Nowadays the vast majority of mortgage lenders have an online presence and can promote their services and benefits over the internet. Take advantage of the web to speak to mortgage intermediaries to get mortgage advice. The mortgage intermediary's advisor should be able to advise you on the best
What is a mortgage?
In plain terms a mortgage is an advance taken to buy real estate, to be repaid over a set term. The general term of a mortgage advance is up to 25 years however it can be varied to tie in with your individual circumstances.
A mortgage is composed of two separate elements : the principal (the amount received) and the interest (the fee charged by the mortgage lender for the advantage of getting the lump sum borrowed).
There are essentially 2 types of mortgages :
A repayment mortgage product repays both the principal and the interest during the period of the mortgage. As long as the defined monthly payments are paid at the correct time, a repayment mortgage warrants that the entirety of the mortgage loan will be cleared at the end of the mortgage period.
An interest only mortgage pays back only the interest on the lump sum borrowed - therefore the "interest only" name. Due to the fact the principal amount is not reimbursed monthly in this sort of mortgage product, you must make your own plan to assure the capital is paid before or at the end of the mortgage term. Standard ways of managing this kind of mortgage loan are by means of investments or savings plans such as endowment policies (also known as Endowment Mortgages) or alternatively the principal may be paid by an inheritance.
Knowing which type of loan repayment method is most suited to you can be determined by your individual employment and financial circumstances.
With a repayment mortgage you benefit from the assurance that your house will be fully reimbursed at the end of the loan. However, in the first few years of your loan the greater part of your repayments are payment of interest rather than repayment of the principal amount. If you have to move place of residence on a regular basis or re-mortgage to get more flexibility, you may find that little of the capital is repaid.
With an interest-only mortgage product, if your investments or savings plans perform better that predictade, you can repay the capital quicker than planned, cutting down the length of mortgage and as a result saving money on interest. Before making a decision about the type of mortgage product which is best for you, we recommend that you contact a qualified financial advisor.
How much can I take out from a mortgage company?
Whilst there are no defined rules as to how much a lender wishes to lend, in general if you want to purchase a home for you and your family, mortgage companies may lend you around 3 times your gross annual income, depending on your individual circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you apply to get a loan you are advised to work on your budget listing the amount you take home and your monthly spending such as electricity bills, telecom bills, food shopping, current, car loan repayments and any ofther bills you have during the month. As part of this calculate the monthly cost of a new house (including different utility bills and council tax). Don't forget to add all insurances in your plan home insurance and / or mortgage protection insurance. Your budget will provide you with a fair idea of the mortgage repayment you are able to plausibly afford
What amount of deposit do lenders want?
The greater part of mortgage lenders will lend you a maximum of 90% of the purchase price of your new house, meaning you will be required to provide a 10% deposit. Nevertheless a minority of mortgage lenders will offer you a 100% mortgage but this sort of mortgage is less advantageous and is in some ways an expensive solution to get a mortgage. A large deposit of 15% and above, will give you access to a wider choice of mortgage opportunities with a more attractive interest rate
Getting a mortgage loan with a bad credit record
A small number of mortgage lenders can arrange lending for people with a adverse credit history (arrears, ccj's) These mortgage companies are called sub prime lenders. They will consider any bad credit applicant (ccj's / arrears). Due to the bigger risk with lending to people with bad credit, these sub prime mortgage lenders require a higher level of interest (APR) on the advance.
With an impaired credit record (arrears, ccj's) you have got to think cautiously concerning the expense of taking out a sub prime mortgage loan. You need to secure a higher level of deposit of in some situations 15 percent and above.
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