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Looking for the correct mortgage deal can prove to be an arduous experience. The internet can simplify the application process in most cases. At the present time a great number of mortgage brokers have a web site and can display their mortgage services over the web. You can take advantage of the web to make contact with mortgage intermediaries to get specific quotes. The lender's advisor will be able to advise you on a suitable
What is a mortgage?
In simple terms a mortgage is a personal loan taken to acquire a house, paid back over a specified loan term. The standard repayment period of a mortgage loan is around 25 years but it can be varied to reflect your personal circumstances.
A mortgage is composed of two noticeable components : the principal (the lump sum given) and the interest (the fee charged by the mortgage provider for the advantage of taking out the capital).
There are to all intents and purposes two types of mortgages :
A repayment mortgage loan pays off both the capital and the interest of the mortgage over the duration of the mortgage. Assuming that the exact monthly repayments are met in good time, a repayment mortgage promises that the whole of the mortgage loan will be cleared at the closing of the mortgage agreed duration.
An interest only mortgage pays off only the interest on the amount received - and so the "interest only" name. Since the principal mortgage amount is not reimbursed monthly in this sort of mortgage product, you need to make your own arrangements to guarantee the principal is paid back before or at the end of the mortgage term. Popular methods of providing this type of mortgage loan are by the use of investments or savings products for instance endowment plans or the principal may be paid by an inheritance.
Determining which type of mortgage repayment approach is most appropriated can be governed by your individual financial circumstances.
With a repayment mortgage you have the certitude that your home will be fully reimbursed at the end of the mortgage. Nevertheless in the first few years of your mortgage the bulk of your monthly payments are payment of interest rather than capital repayment. If you plan to move home on a regular basis or re-mortgage to benefit from a better interest rate, you could find that a small amount of the principal is reimbursed.
With an interest-only mortgage, if your investments or savings plans perform better than expected, you could reimburse the principal quicker than projected, lessening the borrowing terms of mortgage and making a great saving. Ahead of reaching a decision about the type of mortgage product which is right for you, we encourage that you get in touch with an independent mortgage advisor.
What amount can we borrow from a mortgage lender?
Whereas there are no exact definitions as to what ceiling a lender is willing to lend, by and large if you plan to buy a house as your principal residence, mortgage providers could lend around a maximum of x 5 your gross annual revenue, depending on your personal circumstances, such as employment status, your current level of borrowing ,etc…
Before you enter an agreement for a mortgage it is advised to draw up your accounts detailing your salary and your bills such as electricity bills, phone and mobile bills, food shopping, existing, car loan repayments and any ofther bills you have during the month. As part of this calculate the monthly cost of your new property (including new utility bills and council tax). Make sure to add insurance premiums in your calculation life insurance or repayment protection. Your financial budget will provide you with a reasonable idea of the mortgage you could afford
What amount of mortgage deposit do I need?
The vast majority of lenders will grant you a maximum of 90 percent of the purchase price of the house, meaning you will need a ten percent deposit. However, a small group of lenders will advance you up to 100% but this sort of mortgage loan is less advantageous and is in some cases a very expensive way to get a mortgage loan. A bigger deposit of above 15%, will give you access to a competive choice of mortgage prospects with the most attractive rates
Taking a mortgage with a poor credit record
A minority of mortgage companies can offer mortgages for applicants disadvantaged by a low credit file (CCJs, defaults, arrears) These mortgage lenders are called sub prime lending companies. They will review any impaired credit mortgage application (arrears, ccj's). Due to the higher risk involved in lending to people with poor credit, these sub prime lenders will charge a top level of interest rate on the advance.
With a bad credit rating (CCJs, defaults, arrears) you must consider cautiously concerning the cost of getting a poor credit loan. You will need a larger deposit of no less than 20 percent or more.
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