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Finding a suitable mortgage company can be a tough experience. Access to the internet will smooth the task in most cases. Currently the vast majority of mortgage lenders have an online representation and can display their mortgage benefits over the internet. You can make use of the internet to get through to mortgage intermediaries to get specific quotes. The mortgage broker's advisor should be able to help you on a suitable
A basic understanding of a mortgage
In simple terms a mortgage product is a loan received to acquire a property, to be repaid over a set period. The general repayment period of a mortgage loan is around 25 years however it can be revised to match your personal situation.
A mortgage is made up of two definite elements : the capital (the lump sum borrowed) and the interest (the annual fee charged by the mortgage provider for the benefit of receiving the capital).
There are primarily 2 kinds of mortgage loans :
A repayment mortgage repays both the capital and the interest over the duration of the mortgage. Given that the agreed monthly repayments are paid regulary and on time, a repayment mortgage loan warrants that the full amount of the mortgage loan will be settled at the finishing point of the mortgage agreed term.
An interest only mortgage pays back only the interest on the monetary advance received - therefore the "interest only" name. Due to the fact the mortgage capital is not regulary repaid in this type of mortgage product, you have to make your own preparation to guarantee the capital is paid before or at the end of the mortgage repayment period. Usual approaches of arranging this sort of mortgage product are through savings or investments plans for example ISAs or the capital could be paid by the sale of the property.
Knowing which sort of mortgage repayment method is most appropriated is governed by your individual financial and employement situation.
With a repayment mortgage you benefit from the certitude that your home will be fully reimbursed at the end. Still at the beginning of your loan the majority of your repayments will in fact be payment of interest rather than capital. If you have to move property repeatedly or re-mortgage to obtain a better deal, you could find that little of the principal gets paid off.
With an interest-only mortgage product, if your investments or savings plans perform better that imagined, you can reimburse the capital quicker than expected, decreasing the borrowing terms of mortgage and saving money. Before deciding about the type of mortgage product which is right for you, we recommend that you speak to a fully qualified financial advisor.
What amount can we borrow from a mortgage lender?
Even though there are no defined rules as to what ceiling a lender is willing to lend, generally if you plan to buy a home as your main place of residence, mortgage lenders could offer you an monetary advance of about up to x 5 your joint gross annual revenue, depending on your personal circumstances, such as number of children you have, your current level of debt ,etc…
Before you apply to take a mortgage you are advised to draw up your accounts featuring your different incomes and your monthly expenses such as gas and electricity bills, telecom bills, food and clothing costs, current, debt repayments and any other costs you get during the month. Within this calculate the cost of a new house (including new runing cost / bills and council tax). Don't forget to include all insurance premiums in your budget house insurance and / or mortgage insurance. This approach will present you with a better idea of the mortgage repayment you could really afford
What amount of deposit do I need?
Most lenders will give you up to 90 percent of the value of the property, meaning you will need a ten percent deposit. Nevertheless a minority of mortgage lenders will lend you up to 100% but this kind of lending is less attractive and is in some cases a very expensive way to get a loan. A bigger deposit of more than 20%, will give you access to a large range of mortgage opportunities with the most attractive mortgage interest rates
Getting a mortgage loan with a poor credit record
A small group of lenders offer lending for borrowers suffering from a poor credit record (CCJs, defaults) These mortgage lenders are called sub-prime lending companies. They will consider any adverse credit application (CCJs, defaults). With the higher level of risk involved in offering a mortgage to applicants with low credit, these sub prime mortgage companies charge a top level of interest (APR) on the loan.
With an impaired credit rating (defaults, arrears, ccj's) you should think carefully about the expense of applying for a bad credit loan. You will need a higher level of deposit of no lower than 15% and above.
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