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Looking for a suitable mortgage product can prove to be an arduous task. The world wide web could end up speed up the task in the majority of cases. Today a great number of lenders have an internet presence and can promote their mortgage services over the internet. You can make use of the world wide web to contact mortgage brokers to ask for further information. The mortgage intermediary's advisor will be able to help you on an appropriate
What is a mortgage?
In plain terms a mortgage product is a monetary advance received to pay for a property, repaid over an agreed amount of time. The common term of a mortgage advance is up to 25 years but it can be reduced to meet your individual situation.
A mortgage is made up of two definite parts : the capital (the lump sum taken) and the interest (the fee charged by the lender for the benefit of receiving the lump sum borrowed).
There are to all intents and purposes 2 sorts of mortgage loans :
A repayment mortgage loan pays off both the capital and the interest of the mortgage during the term of the mortgage. Providing the agreed monthly repayments are met on time, a repayment mortgage product offers the assurance that the totality of the mortgage debt will be covered at the closing of the loan agreed term.
An interest only mortgage repays only the interest on the lump sum received - and so the "interest only" name. As the principal mortgage amount is not reimbursed monthly in this kind of mortgage product, you have to make your own provision to ensure the principal is reimbursed before or at the end of the mortgage agreed duration. Common methods of managing this type of mortgage product are by means of savings plans for example endowment policies or otherwise the principal may be provided by an inheritance.
Establishing which sort of loan repayment approach to choose can be determined by your personal financial and employement circumstances.
With a repayment mortgage product you benefit from the assurance that the property will be totally repaid at the end of the mortgage. Yet at the beginning of your mortgage the best part of your repayments will be payment of interest rather than the principal amount. If your plan is to move home regulary or re-mortgage to benefit from a better interest rate, you may find that little of the capital loan gets paid back.
With an interest-only mortgage product, if your investment vehicles perform better than anticipated, you could repay the principal faster than expected, reducing the length of mortgage and saving money. Before reaching a decision about the type of mortgage which is right for you, we recommend that you get in touch with a qualified financial advisor.
What amount can I borrow from a mortgage lender?
Even though there are no exact definitions as to what amount a mortgage lender is ready to lend, normally if you want to aquire a house for you and your family, lenders may be willing to lend you about x 3.5 your gross annual salary, based on your personal circumstances, such as number of children you have, your credit history ,etc…
Before you proceed with an application for a mortgage you are advised to make your accounts detailing your income and your outgoings such as gas and electricity bills, phone and mobile bills, transport costs, ongoing, unsecured loan repayments and any other costs you get during the month. Within this estimate the monthly cost of a new house (including different utility bills and council tax). Don't forget to include insurance premiums in your calculation life insurance and / or mortgage insurance. Your budget will provide you with a good idea of the repayment you are able to sensibly afford
How much deposit do lenders want?
The best part of mortgage providers will loan you no more than 90% of the value of the house, meaning you need a 10% deposit. On the other hand, a minority of mortgage lenders will advance you a 100% mortgage but this sort of lending is less advantageous and is in some cases a very expensive way to get a loan. A good deposit of above 15%, will provide you a competive choice of mortgage prospects with a more attractive interest rate
Applying for a mortgage loan with a poor credit file
Some mortgage companies provide mortgage loans for people suffering from a low credit file (CCJs, defaults, arrears) These mortgage providers are called sub-prime lenders. They will review any poor credit mortgage applicant (ccj's / arrears). Based on the bigger risk involved in providing a loan to applicants with impaired credit, these subprime mortgage companies charge a top interest (APR) on the advance.
With a bad credit record (ccj's / arrears) you need to think cautiously concerning the expense of taking out a poor credit mortgage. You need to secure a bigger deposit of no lower than 15 percent and above.
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