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Getting a suitable mortgage product may be a time consuming process. Access to the internet can speed up the mortgage application process in the majority of cases. At the present time the vast majority of lenders have an online representation and can introduce their typical mortgage rates over the internet. You can use the internet to make contact with mortgage intermediaries to get assistance. The mortgage lender's representative should be able to help you on an appropriate
A basic mortgage definition
In basic terms a mortgage is a loan made available to purchase real estate, to be repaid over a specified term. The general repayment period of a mortgage is between 20 and 25 years but it can be revised to meet your individual situation.
A mortgage is composed of two defined components : the principal (the amount given) and the interest (the monthly fee charged by the mortgage company for the benefit of taking out the lump sum borrowed).
There are in essence 2 categories of mortgages :
A repayment mortgage loan repays both the capital and the interest of the mortgage during the period of the mortgage. If the defined monthly payments are made at the correct time, a repayment mortgage assures that the whole of the amount borrowed will be repaid at the end of the mortgage period.
An interest only mortgage repays only the interest on the advance taken out - therefore the "interest only" name. As the principal mortgage amount is not regulary repaid in this kind of mortgage loan, you must make your own preparation to guarantee the capital is reimbursed before or at the end of the mortgage agreed duration. Standard approaches of providing this kind of mortgage capital are using savings products such as pension policies or otherwise the capital can be repaid by the resale of the real estate.
Establishing which sort of mortgage loan repayment method is the best for you depends on your personal financial and employement circumstances.
With a repayment mortgage you benefit from the peace of mind that your property will be totally repaid at the end of the term. Nevertheless in the early years of your loan the bulk of your monthly repayments will end up being payment of interest rather than capital repayment. If you plan to move property on a regular basis or remortgage to benefit from a better interest rate, you can discover that a small amount of the capital gets paid off.
With an interest-only mortgage product, if your investment plans perform better that predictade, you could pay off the capital quicker than expected, decreasing the term of mortgage and as a benefit, reducing the amount of interest paid to the lender. Before making a decision about the sort of mortgage product which is the most suitable for you, we advise that you get in touch with a fully trained mortgage advisor.
What amount can we obtain from a mortgage lender?
Although there are no set rules as to what amount a provider wishes to lend, usually if you want to purchase a home for yourself, mortgage companies could lend about a maximum of 5 times your gross annual income, depending on your personal circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you apply to borrow money you are advised to work on your budget detailing your different incomes and your monthly outgoings such as utility bills, telecom bills, transport costs, existing, unsecured loan repayments and any ofther bills you have during the month. Within this calculate the cost of a new home (including different utility bills and taxes). Don't forget to add all insurances in your budget contents insurance or mortgage protection insurance. This approach will give you a fair idea of the amount you have the capacity to afford
How much mortgage deposit do mortgage companies want?
Often mortgage lenders will loan you no more than 90% of the current value of the house, meaning you need a ten percent deposit. On the other hand, a few mortgage providers will grant you a 100% mortgage but this sort of mortgage is less competitive and is in some instances a very expensive option to get a loan. A large deposit of above 20%, will provide you a bigger range of mortgage offers, with a more competitive interest rate
Getting a mortgage with a poor credit file
A small number of lenders offer lending for borrowers disadvantaged by a adverse credit history (CCJs) These mortgage lenders are called sub-prime lenders. They will consider any bad credit mortgage applicant (CCJs, defaults, arrears). Due to the greater level of risk involved in offering a mortgage to applicants with adverse credit, these subprime mortgage lenders charge a higher interest (APR) on the mortgage.
With an impaired credit record (CCJs, defaults) you need to think thoroughly about the cost of taking out a sub-prime mortgage loan. You need to have a larger deposit of in some situations 15% and above.
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