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Looking for a good mortgage solution may be a complex task. Access to the web can improve the mortgage application process in the majority of cases. Nowadays the vast majority of lenders have a web site and can display their best mortgage offers over the web. You can use the internet to speak to lenders to ask for advice. The mortgage lender's advisor should be able to assist you on the right
A basic understanding of a mortgage
In simple terms a mortgage is a monetary lump sum given to purchase a home, to be repaid over an agreed term. The common repayment term of a mortgage is 25 years but it can be revised to match your personal circumstances.
A mortgage is composed of two defined parts : the principal (the amount taken) and the interest (the fee charged by the mortgage provider for the benefit of taking out the amount borrowed).
There are primarily 2 categories of mortgages :
A repayment mortgage pays off both the capital and the interest of the loan during the life of the mortgage. On the condition that the agreed monthly payments are made regulary and on time, a repayment mortgage product ensures that the totality of the mortgage loan will be repaid at the end of the mortgage agreed term.
An interest only mortgage repays only the interest on the lump sum received - hence the "interest only" name. Since the capital is not regulary repaid in this sort of mortgage loan, you have to make your own arrangements to assure the capital is paid before or at the end of the mortgage repayment period. Usual ways of organising this style of mortgage product are by the use of savings or investments products for instance pension policies or the principal could be paid by the sale of other assets.
Establishing which type of mortgage loan repayment approach is most suited to you is governed by your individual financial situation.
With a repayment mortgage you benefit from the assurance that your property will be fully reimbursed at the end of the mortgage. Still in the early stages of your loan the bulk of your monthly repayments shall be payment of interest rather than capital repayment. If your plan is to move home on a regular basis or re-mortgage to get more flexibility, you could find that a small percentage of the capital is reimbursed.
With an interest-only mortgage loan, if your investments or savings plans perform better that predictade, you can repay the principal quicker than expected, decreasing the duration of the loan and as a result saving money on interest. Prior to making a decision about the type of mortgage which is right for you, we recommend that you speak to a fully qualified mortgage advisor.
What amount can you obtain from a mortgage lender?
Whereas there are no exact rules as to what ceiling a mortgage company is willing to lend, in general if you want to purchase a real estate property for you and your family, mortgage companies could offer you an advance of around a maximum of x 5 your joint gross annual income, based on your personal situation, such as number of children you have, your credit rating ,etc…
Before you proceed with signing to get a loan it is recommended to make your family budget listing your monthly income and your outgoings such as utility bills, telecom bills, the cost of your car, current, personal loan repayments and any other costs you have during the month. As part of this account for the monthly cost of your new property (including different utility bills and council tax). Don't forget to include insurance costs in your plan house insurance or repayment protection. This method will provide you with a better idea of the mortgage repayment you may have the capacity to afford
How much deposit do I need?
The majority of mortgage lenders will grant you no more than 90% of the value of your prospective home, meaning you need a 10% deposit. However, a small group of mortgage lenders will advance you up to 100% but this sort of mortgage is less attractive and is in some cases a very expensive solution to get a mortgage loan. A decent deposit of more than 20%, will provide you a greater range of mortgage offers, with a more competitive rate
Taking a mortgage with a low credit rating
Some mortgage providers provide lending for borrowers disadvantaged by a adverse credit record (CCJs) These mortgage companies are called sub-prime lending companies. They will review any impaired credit applicant (default, arrears, ccj's). Based on the higher risk with providing a loan to people with impaired credit, these sub prime mortgage lenders will charge an elevated interest rate on the mortgage loan.
With a poor credit history (CCJs, defaults) you need to reflect cautiously about the expense of applying for a poor credit mortgage loan. You will need a higher level of deposit of no smaller than 20% and above.
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