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Looking for the right mortgage product may prove to be a difficult task. Access to the internet will facilitate the process in the majority of cases. These days the vast majority of mortgage providers have an online representation and can promote their services and benefits over the internet. Use the web to get in touch with lenders to compare mortgage options. The mortgage broker's representative should be able to assist you on the right
A basic understanding of a mortgage
In simple terms a mortgage product is a monetary advance provided to purchase a home, paid back over a set period. The usual repayment term of a mortgage loan is around 25 years but it can be adapted to meet your individual circumstances.
A mortgage is composed of two definite elements : the capital (the lump sum given) and the interest (the amount charged by the lender for the advantage of receiving the principal amount).
There are in essence 2 kinds of mortgage products :
A repayment mortgage product pays back both the principal and the interest of the mortgage during the life of the mortgage. If the defined monthly payments are met in good time, a repayment mortgage product offers the assurance that the whole of the amount borrowed will be covered at the closing stage of the loan term.
An interest only mortgage pays off only the interest on the loan taken out - therefore the "interest only" name. Due to the fact the capital is not repaid monthly in this sort of mortgage loan, you need to make your own arrangements to assure the principal is paid back before or at the end of the mortgage term. Common ways of managing this kind of mortgage capital are via savings or investments products such as pension policies or the principal can be provided by the resale of the property.
Establishing which kind of loan repayment approach to choose is determined by your personal employment and financial situation.
With a repayment mortgage you benefit from the assurance that your property will be totally repaid at the end of the term. Nevertheless in the first few years of your mortgage the greater part of your monthly repayments will in fact be payment of interest rather than repayment of the principal amount. If your plan is to move house repeatedly or remortgage to get more flexibility, you can find out that little of the capital loan gets paid back.
With an interest-only mortgage product, if your savings vehicles perform better that imagined, you can reimburse the principal faster than anticipated, bringing down the borrowing terms of the loan and as a benefit, reducing the amount of interest paid to the lender. Before reaching a decision about the style of mortgage product which is best for you, we advise that you speak to a qualified financial advisor.
How much can we borrow from a mortgage company?
Although there are no exact guidelines as to what amount a lender is prepared to lend, normally if you plan to aquire a property for you and your family as your principal residence, mortgage providers could offer you an monetary advance of about up to x 4 your annual income, depending on your individual circumstances, such as number of children you have, your credit history ,etc…
Before you proceed with signing to get a loan you should to work on your family budget featuring your monthly income and your bills such as gas and electricity bills, telephone bills, supermarket bills, current, loan repayments and any ofther bills you get each month. Within this account for the monthly cost of a new house (including new utility bills and council tax). Don't forget to add insurance costs in your budget buildings insurance and mortgage insurance. This method will present you with a clear idea of the monthly mortgage you might be able to sensibly afford
How much deposit do lenders want?
The majority of mortgage companies will loan you no more than 90% of the value of your new property, meaning you need a 10% deposit. However, some lenders will advance you up to 100% but this kind of mortgage is less attractive and is in some instances a very expensive way to get a mortgage. A good deposit of above 20%, will present you with a wider range of mortgage opportunities with the most attractive mortgage rates
Obtaining a mortgage with a low credit rating
A small number of mortgage providers provide mortgage loans for people disadvantaged by a impaired credit rating (CCJs, defaults) These lenders are called sub-prime lending companies. They will review any bad credit mortgage application (ccj's / arrears). With the greater level of risk involved in offering a mortgage to people with bad credit, these sub-prime lenders require an elevated level of interest (APR) on the advance.
With a bad credit history (ccj's / arrears) you should consider carefully regarding the expense of applying for a subprime mortgage loan. You need to secure a greater deposit of no smaller than 15% or more.
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