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Searching for the correct mortgage deal may be a complicated task. Access to the internet could improve the mortgage application process in most cases. At the present time an increasing number of mortgage brokers have an online web site and can publish their best mortgage offers over the internet. You can take advantage of the world wide web to get in touch with mortgage providers to ask for a quote. The mortgage provider's agent will be able to assist you on a suitable
A basic mortgage definition
In basic terms a mortgage is a lump sum organised to buy real estate, repaid over a set loan term. The standard term of a mortgage loan is around 25 years however it can be modified to tie in with your circumstances.
A mortgage is made up of two noticeable parts : the capital (the lump sum received) and the interest (the annual fee charged by the mortgage company for the advantage of getting the capital).
There are in essence 2 kinds of mortgage products :
A repayment mortgage product pays back both the capital and the interest of the loan during the term of the mortgage. Assuming that the exact monthly repayments are paid regulary and on time, a repayment mortgage guarantees that the whole of the mortgage amount will be paid at the closing of the mortgage period.
An interest only mortgage pays off only the interest on the loan received - therefore the "interest only" name. As the principal mortgage amount is not reimbursed in this type of mortgage product, you will need to make your own arrangements to assure the principal is paid before or at the end of the mortgage agreed period. Standard methods of managing the interest-only mortgage capital are by the use of savings or investments products for instance pension policies or the principal may be repaid by the sale of the real estate.
Establishing which sort of mortgage repayment method is the best for you can be influenced by your individual employment and financial situation.
With a repayment mortgage you benefit from the certitude that your property will be totally reimbursed at the end of the loan. However, in the early stages of your loan the majority of your repayments will end up being payment of interest rather than repayment of the principal amount. If your plan is to move property repeatedly or re-mortgage to get a better mortgage deal, you can discover that a small percentage of the capital gets paid off.
With an interest-only mortgage loan, if your savings or investments plans perform better than expected, you can repay the principal faster than planned, bringing down the length of mortgage and saving money. Prior to reaching a decision about the kind of mortgage which is best for you, we suggest that you speak to an independent mortgage advisor.
What amount can we take out from a mortgage company?
Although there are no set guidelines as to how much a lender is ready to lend, generally if you plan to buy a home for you and your family as your principal residence, mortgage companies could lend about up to x 4 your annual income, depending on your individual situation, such as employment status, your current level of borrowing ,etc…
Before you enter an agreement to get a mortgage it is recommended to draw up a budget featuring your salary and your expenses such as utility bills, telecom bills, food and clothing costs, existing, personal loan repayments and any other costs you get during the month. As part of this calculate the cost of a new property (including new runing cost / bills and council tax). Be sure to add all insurance premiums in your plan buildings insurance and repayment protection insurance. This approach will give you a better idea of the repayment you can really afford
How much deposit do lenders want?
The best part of building societies will grant you no more than 90% of the purchase price of your new home, meaning you need a ten percent deposit. Nevertheless some mortgage providers will give you up to 100% but this type of mortgage loan is less advantageous and is in some instances an expensive option to get a loan. A larger deposit of more than 20%, will give you access to a greater choice of mortgage prospects with a more competitive interest rate
Getting a mortgage with a low credit file
A small group of lenders can offer mortgages for people suffering from a adverse credit history (CCJs, defaults) These mortgage providers are called sub-prime lending companies. They will consider any low credit application (default, arrears, ccj's). Based on the higher level of risk with providing a mortgage to people with bad credit, these sub-prime mortgage lenders charge an elevated level of interest rate on the loan.
With a poor credit history (ccj's / arrears) you have got to reflect thoroughly regarding the expense of taking out a bad credit loan. You will need a superior level of deposit of no smaller than 20 percent or more.
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