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Finding the correct mortgage provider can be a complex task. The internet will end up smooth the mortgage application process in the majority of cases. At the present time the great majority of mortgage intermediaries have an online presence and can publish their mortgage deals over the web. Use the web to contact mortgage brokers to get specific quotes. The mortgage provider's agent will be able to advise you on the right
A basic mortgage definition
In simple terms a mortgage product is a monetary advance given to pay for a home, to be repaid over a set amount of time. The common repayment period of a mortgage advance is 25 years but it can be revised to reflect your situation.
A mortgage is made up of two separate elements : the principal (the lump sum given) and the interest (the monthly fee charged by the mortgage company for the advantage of receiving the amount borrowed).
There are to all intents and purposes two kinds of mortgage loans :
A repayment mortgage loan pays off both the capital and the interest of the loan during the period of the mortgage. Assuming that the agreed monthly payments are made at the correct time, a repayment mortgage loan assures that the full amount of the mortgage loan will be paid off at the closing of the loan agreed period.
An interest only mortgage pays back only the interest on the monetary advance borrowed - hence the "interest only" name. Due to the fact the capital is not regulary repaid in this type of mortgage, you have to make your own preparation to guarantee the capital is returned before or at the end of the mortgage agreed duration. Common approaches of organising this kind of mortgage product are with investments or savings products for example endowment policies or otherwise the capital may be reimbursed by the sale of the real estate.
Establishing which type of loan repayment method is right for you is determined by your individual employment and financial circumstances.
With a repayment mortgage product you have the certitude that your property will be fully repaid at the end of the loan. However, in the early years of your loan most of your repayments shall be payment of interest rather than repayment of the principal amount. If you have to move property on a regular basis or re-mortgage to benefit from a better rate, you may realise that little of the principal gets paid back.
With an interest-only mortgage, if your investments or savings vehicles perform well, you could repay the principal faster than planned, decreasing the duration of mortgage and as a result saving money on interest. Prior to deciding about the style of mortgage which is best for you, we recommend that you contact an independent mortgage advisor.
How much can we obtain from a mortgage lender?
Whilst there are no defined definitions as to how much a mortgage company wishes to lend, commonly if you plan to purchase a home for yourself as your main place of residence, lenders could be willing to lend you around x 3 your joint annual income, based on your personal circumstances, such as employment status, your current level of debt ,etc…
Before you take up an application to borrow money you should to work on your accounts outlining your different incomes and your monthly outgoings such as utility bills, phone bills, the cost of your car, current, credit card repayments and any ofther bills you have every month. Within this calculate the cost of your new home (including different utility bills and taxes). Don't forget to include all insurances in your calculation buildings insurance and / or repayment protection. This method will provide you with a good idea of the monthly repayment you could afford
How much mortgage deposit do we need?
Often building societies will offer you up to 90 percent of the purchase value of the house, meaning you will need a 10% deposit. On the other hand, a small number of mortgage lenders will give you up to 100% but this kind of mortgage loan is less competitive and is in some ways an expensive solution to get a loan. A good deposit of 15% and above, will give you a bigger range of mortgage solutions with a more competitive rate
Applying for a mortgage loan with a bad credit rating
A small number of lenders can arrange mortgage loans for people suffering from a impaired credit rating (CCJs) These mortgage providers are called subprime lending companies. They will review any bad credit mortgage applicant (CCJs, defaults). Due to the higher level of risk involved in offering a loan to people with bad credit, these sub-prime mortgage lenders request a higher interest rate on the advance.
With an impaired credit rating (CCJs, defaults, arrears) you need to reflect carefully about the cost of taking out a sub prime mortgage. You will be required to have a larger deposit of a minimum of 15 percent or more.
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