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Finding the right mortgage broker may end up being a complicated experience. The web can end up ease the task in the majority of cases. At the present time an increasing number of mortgage lenders have a web site and can promote their mortgage deals over the internet. Use the internet to speak to mortgage lenders to compare mortgage options. The mortgage provider's advisor will be able to help you on the right
What is a mortgage?
In simple terms a mortgage product is an advance provided to purchase real estate, paid back over a specified period. The typical term of a mortgage loan is 25 years however it can be reduced to reflect your individual situation.
A mortgage is composed of two separate parts : the capital (the lump sum borrowed) and the interest (the fee charged by the lender for the advantage of getting the amount borrowed).
There are in essence two types of mortgage products :
A repayment mortgage product repays both the principal and the interest of the mortgage over the agreed term of the mortgage. Provided that the defined monthly repayments are met in good time, a repayment mortgage loan guarantees that the full amount of the mortgage amount will be paid at the end of the mortgage agreed term.
An interest only mortgage pays back only the interest on the amount borrowed - for this reason the "interest only" name. As the principal amount is not reimbursed monthly in this sort of mortgage product, you are responsible to make your own arrangements to guarantee the principal is covered before or at the end of the mortgage term. Standard ways of arranging the interest-only mortgage are by means of savings plans for instance endowment policies or instead the principal can be provided by an inheritance.
Knowing which kind of loan repayment method is right for you can be governed by your individual financial situation.
With a repayment mortgage loan you have the assurance that your property will be fully reimbursed at the end of the mortgage. Still in the early stages of your loan most of your monthly payments shall be payment of interest rather than repayment of the principal amount. If you plan to move house repeatedly or remortgage to get a more competitive rate, you could find that little of the capital is repaid.
With an interest-only mortgage product, if your savings or investments plans perform well, you can reimburse the capital quicker than planned, reducing the term of mortgage and saving money. Prior to deciding about the kind of mortgage product which is right for you, we suggest that you get in touch with a fully trained financial advisor.
How much can I obtain from a mortgage lender?
Whereas there are no defined rules as to what level a lender is ready to lend, generally if you want to purchase a real estate property for you and your family as your principal residence, mortgage lenders may be willing to lend you about up to x 5 your gross annual revenue, based on your individual circumstances, such as employment status, your current level of debt ,etc…
Before you enter an agreement to take a mortgage you are advised to work on your budget detailing your monthly income and your monthly spending such as gas and electricity bills, phone bills, the cost of your car, existing, credit card repayments and any other costs you get each month. As part of this estimate the cost of a new property (including different runing cost / bills and taxes). Make sure to include all insurance premiums in your budget contents insurance and mortgage insurance. This approach will give you a better idea of the mortgage you are able to realistically afford
What amount of deposit do mortgage lenders want ?
The majority of mortgage lenders will lend you up to 90% of the current value of your new property, meaning you need a 10% deposit. On the other hand, some mortgage lenders will loan you up to 100% but this sort of lending is less advantageous and is in some ways a very expensive solution to get a loan. A bigger deposit of 15% and above, will give you a competive range of mortgage opportunities with a more competitive rate
Obtaining a mortgage loan with a bad credit rating
A small group of mortgage providers offer mortgage loans for borrowers suffering from a poor credit history (arrears, ccj's) These mortgage providers are called sub prime lending companies. They will consider any poor credit application (CCJs, defaults). Based on the greater level of risk involved in providing a mortgage to people with low credit, these subprime mortgage providers charge a top level of APR on the mortgage.
With an impaired credit record (arrears, ccj's) you have to consider carefully about the cost of getting a poor credit mortgage loan. You will be required to have a bigger deposit of no lower than 15 percent or more.
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