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Looking for a good mortgage deal can be a time consuming experience. The world wide web will smooth the mortgage application process in the majority of cases. In this day and age an increasing number of lenders have an online presence and can present their typical mortgage rates over the internet. You can make use of the world wide web to contact lenders to ask for a quote. The mortgage lender's agent should be able to advise you on the most suitable
What is a mortgage?
In plain terms a mortgage is a loan taken to pay for a house, repaid over an established amount of time. The common term of a mortgage advance is around 25 years but it can be modified to go with your situation.
A mortgage is composed of two separate components : the principal (the lump sum received) and the interest (the annual fee charged by the mortgage lender for the advantage of taking out the amount borrowed).
There are in essence two sorts of mortgage products :
A repayment mortgage pays off both the principal and the interest of the loan during the period of the mortgage. Given that the agreed monthly payments are paid at the correct time, a repayment mortgage product certifies that the whole of the amount borrowed will be cleared at the closing stage of the loan period.
An interest only mortgage repays only the interest on the loan received - therefore the "interest only" name. As the mortgage capital is not repaid monthly in this type of mortgage product, you are responsible to make your own plan to ensure the capital is reimbursed before or at the end of the mortgage agreed period. Common methods of providing this sort of mortgage loan are by the use of savings or investments plans such as pension plans or otherwise the capital may be reimbursed by the sale of the house.
Knowing which sort of loan repayment method is the best for you is governed by your personal employment and financial circumstances.
With a repayment mortgage product you have the guarantee that your property will be fully reimbursed at the end. Nevertheless at the start of your loan most of your monthly payments will end up being payment of interest rather than capital repayment. If you have to move property on a regular basis or remortgage to benefit from a better interest rate, you can find out that little of the principal amount gets paid off.
With an interest-only mortgage, if your investments or savings plans perform better than anticipated, you could reimburse the capital faster than projected, bringing down the duration of the loan and as a benefit, reducing the amount of interest paid to the lender. Ahead of deciding about the type of mortgage product which is best for you, we recommend that you speak to a fully trained financial advisor.
How much can we obtain from a mortgage company?
While there are no defined rules as to what level a provider wishes to lend, normally if you plan to purchase a house for yourself as your main place of residence, mortgage lenders could lend about up to x 4 your gross annual revenue, depending on your individual circumstances, such as number of children you have, your credit history ,etc…
Before you apply to get a mortgage it is advised to make your family budget itemising your different incomes and your bills such as gas and electricity bills, telephone bills, supermarket bills, ongoing, debt repayments and any other costs you have during the month. As part of this estimate the monthly cost of your new property (including different utility bills and council tax). Don't forget to include insurances in your budget home insurance or mortgage insurance. This method will give you a good idea of the mortgage repayment you could plausibly afford
How much deposit do I need?
The vast majority of mortgage companies will grant you up to 90 percent of the purchase value of the house, meaning you will need a ten percent deposit. Nevertheless a few mortgage providers will loan you a 100% mortgage but this kind of loan is less attractive and is in some instances a very expensive solution to get a mortgage. A large deposit of 15% and above, will present you with a wider choice of mortgage solutions with the most attractive interest rates
Getting a mortgage with a bad credit history
A minority of lenders can offer mortgage loans for borrowers disadvantaged by a impaired credit history (CCJs) These mortgage companies are called sub prime lenders. They will review any adverse credit mortgage application (CCJs, defaults, arrears). Based on the higher risk involved in offering a mortgage to applicants with bad credit, these sub prime mortgage companies will charge a top level of APR on the mortgage.
With a low credit record (CCJs, defaults, arrears) you need to consider carefully concerning the expense of getting a subprime loan. You will need a larger deposit of no less than 15 percent or more.
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