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Finding the right mortgage solution might be a tiring process. Access to the web can ease the application process in most cases. These days many mortgage lenders have a web site and can present their mortgage deals over the internet. Take advantage of the internet to speak to mortgage lenders to compare mortgage products. The mortgage provider's advisor will be able to advise you on the right

A basic mortgage definition
In simple terms a mortgage product is a monetary lump sum borrowed to purchase a property, to be repaid over a defined amount of time. The general repayment period of a mortgage loan is around 25 years but it can be revised to match your individual circumstances.

A mortgage is made up of two definite elements : the capital (the lump sum borrowed) and the interest (the monthly fee charged by the mortgage lender for the advantage of receiving the amount borrowed).

There are essentially 2 categories of mortgage loans :

A repayment mortgage product pays back both the principal and the interest of the mortgage during the life of the mortgage. Provided that the defined monthly payments are met on time, a repayment mortgage product guarantees that the totality of the mortgage loan will be settled at the conclusion of the loan agreed duration.

An interest only mortgage pays back only the interest on the loan taken out - for this reason the "interest only" name. Due to the fact the principal amount is not regulary repaid in this kind of mortgage loan, you need to make your own provision to ensure the capital is reimbursed before or at the end of the mortgage agreed duration. Standard methods of providing this sort of mortgage loan are using savings or investments products for instance pension plans or instead the principal can be provided by the sale of the real estate.

Knowing which sort of mortgage loan repayment approach to choose can be governed by your individual financial and employement circumstances.

With a repayment mortgage product you benefit from the assurance that your property will be totally repaid at the end of the term. However, at the beginning of your loan the majority of your mortgage payments will in fact be payment of interest rather than capital. If you plan to move house repeatedly or remortgage to get a more competitive rate, you may realise that a small amount of the principal gets paid back.

With an interest-only mortgage product, if your investment plans perform better than anticipated, you could reimburse the capital quicker than projected, lessening the duration of mortgage and as a result saving money on interest. Prior to reaching a decision about the style of mortgage which is right for you, we advise that you speak to a fully trained financial advisor.

How much can we take out from a mortgage company?
Despite the fact that there are no set definitions as to how much a lender is prepared to lend, normally if you plan to buy a property for you and your family, mortgage lenders could offer you a mortgage around 3.5 times your joint gross annual revenue, depending on your personal situation, such as employment status, your credit history ,etc…

Before you sign up to an agreement to borrow money it is recommended to draw up your accounts itemising your different incomes and your monthly spending such as gas and electricity bills, telephone bills, food and clothing costs, current, unsecured loan repayments and any other costs you get during the month. As part of this calculate the cost of a new home (including different utility bills and taxes). Don't forget to add insurance costs in your plan buildings insurance and / or repayment protection insurance. Your budget will give you a reasonable idea of how much you have the capacity to afford

How much deposit do lenders want?
Often mortgage providers will advance you a maximum of 90% of the value of your prospective home, meaning you need a 10% deposit. Nevertheless a few mortgage providers will advance you a 100% mortgage but this type of mortgage loan is less attractive and is in some instances an expensive option to get a loan. A bigger deposit of more than 25%, will give you a large choice of mortgage solutions with a more attractive interest rate

Applying for a mortgage with a bad credit record
A small number of mortgage lenders offer mortgages for people with a bad credit history (CCJs) These lenders are called sub prime lenders. They will consider any low credit mortgage applicant (ccj's / arrears). Due to the larger level of risk involved in lending to applicants with impaired credit, these sub prime mortgage lenders will charge an elevated interest (APR) on the mortgage loan.

With a bad credit rating (CCJs, defaults, arrears) you have to consider cautiously concerning the cost of applying for a sub prime mortgage loan. You need to have a larger deposit of in some instances 15% and above.

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