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Searching for the right mortgage solution may prove to be an arduous experience. The world wide web can improve the process in the majority of cases. Currently most lenders have an online presence and can publish their typical mortgage rates over the web. Use the web to get through to mortgage brokers to get mortgage advice. The mortgage provider's agent should be able to advise you on an appropriate
A basic understanding of a mortgage
In plain terms a mortgage is a monetary advance given to purchase a property, paid back over a set loan term. The common term of a mortgage is around 25 years but it can be revised to meet your individual situation.
A mortgage is composed of two definite parts : the capital (the amount borrowed) and the interest (the fee charged by the mortgage company for the advantage of receiving the lump sum borrowed).
There are fundamentally two types of mortgage products :
A repayment mortgage product pays off both the principal and the interest during the term of the mortgage. Provided that the exact monthly repayments are met at the correct time, a repayment mortgage loan ensures that the whole of the mortgage loan will be repaid at the closing stage of the loan agreed period.
An interest only mortgage pays back only the interest on the loan taken out - hence the "interest only" name. Due to the fact the principal amount is not regulary repaid in this type of mortgage product, you are responsible to make your own provision to ensure the capital is covered before or at the end of the mortgage agreed period. Usual ways of arranging this sort of mortgage are using savings plans such as endowment policies or alternatively the principal can be provided by the resale of the real estate.
Determining which type of mortgage repayment method is most suited to you can be determined by your individual financial and employement circumstances.
With a repayment mortgage loan you have the peace of mind that your house will be fully repaid at the end of the term. Yet in the first few years of your mortgage the bulk of your monthly repayments will end up being payment of interest rather than capital. If your plan is to move property regulary or re-mortgage to get more flexibility, you can realise that little of the principal gets paid back.
With an interest-only mortgage loan, if your savings vehicles perform better than expected, you could repay the capital quicker than projected, cutting down the duration of the loan and as a result saving money on interest. Ahead of making a decision about the sort of mortgage which is best for you, we suggest that you contact a fully qualified mortgage advisor.
What amount can we receive from a mortgage company?
Although there are no defined rules as to what ceiling a mortgage lender is prepared to lend, generally if you plan to purchase a property as your principal residence, mortgage lenders may lend you about x 3 your annual income, based on your individual circumstances, such as number of children you have, your current level of debt ,etc…
Before you take up an application to take a mortgage you should to work on your accounts featuring your different incomes and your bills such as gas and electricity bills, telecom bills, food shopping, existing, car loan repayments and any other costs you get during the month. As part of this account for the cost of a new property (including new runing cost / bills and council tax). Be sure to add insurance premiums in your budget house insurance and mortgage insurance. Your accounts will present you with a good idea of the mortgage you are able to reasonably afford
What amount of mortgage deposit do mortgage companies want?
The greater part of mortgage companies will advance you no more than 90 percent of the value of your new home, meaning you will be required to provide a ten percent deposit. However, some mortgage companies will lend you a 100% mortgage but this kind of lending is less competitive and is in some instances an expensive option to get a mortgage. A good deposit of above 20%, will give you a wider choice of mortgage opportunities with a more competitive rate
Obtaining a mortgage with a poor credit file
Some mortgage lenders specialise in mortgages for applicants with a adverse credit history (CCJs, defaults, arrears) These mortgage lenders are called sub prime lending companies. They will consider any low credit mortgage application (CCJs, defaults). Due to the larger risk with offering a mortgage to applicants with low credit, these sub-prime lenders charge a top interest (APR) on the advance.
With an adverse credit rating (defaults, arrears, ccj's) you should consider thoroughly concerning the cost of taking out a sub prime loan. You will be required to have a higher level of deposit of no lower than 15% or more.
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