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Finding a suitable mortgage provider can prove to be a testing experience. The web can speed up the process in the majority of cases. Today the vast majority of mortgage brokers have an internet presence and can present their services and benefits over the web. You can use the internet to get in touch with mortgage brokers to request a personalised quote. The mortgage company's advisor will be able to assist you on the right

What is a mortgage?
In plain terms a mortgage product is a loan arranged to purchase a property, to be repaid over a set period. The general repayment term of a mortgage is around 25 years however it can be revised to tie in with your individual situation.

A mortgage is composed of two noticeable components : the principal (the lump sum received) and the interest (the fee charged by the mortgage lender for the advantage of getting the principal amount).

There are in effect 2 categories of mortgage loans :

A repayment mortgage pays back both the capital and the interest during the term of the mortgage. Provided that the agreed monthly payments are met in good time, a repayment mortgage product guarantees that the whole of the mortgage debt will be cleared at the end of the loan agreed term.

An interest only mortgage repays only the interest on the monetary advance received - hence the "interest only" name. Since the capital is not repaid monthly in this sort of mortgage loan, you need to make your own arrangements to assure the capital is paid before or at the end of the mortgage agreed period. Usual methods of providing this kind of mortgage are by means of investments or savings products for instance ISAs or otherwise the capital may be reimbursed by the sale of the real estate.

Establishing which type of mortgage loan repayment method is most suited to you can be determined by your individual financial and employement circumstances.

With a repayment mortgage you have the guarantee that the property will be fully reimbursed at the end of the term. Nevertheless in the early stages of your loan the greater part of your monthly repayments will end up being payment of interest rather than capital. If you have to move property on a regular basis or re-mortgage to get a better rate, you can realise that a small percentage of the principal gets paid off.

With an interest-only mortgage, if your investment plans outperform your mortgage rates, you can repay the principal quicker than projected, decreasing the borrowing terms of the loan and saving money. Prior to making a decision about the sort of mortgage which is right for you, we recommend that you speak to a fully trained financial advisor.

What amount can you take out from a mortgage lender?
Whereas there are no exact rules as to what level a lender is willing to lend, normally if you plan to buy a home as your main place of residence, mortgage providers may be willing to lend you about 3.5 times your gross annual salary, based on your individual situation, such as employment status, your credit history ,etc…

Before you sign up to an agreement to get a mortgage it is advised to make your accounts detailing your different incomes and your monthly outgoings such as gas and electricity bills, telecom bills, the cost of your car, current, debt repayments and any other costs you get during the month. As part of this account for the cost of a new property (including different utility bills and taxes). Be sure to include all insurance premiums in your plan house insurance and / or repayment protection insurance. Your budget will provide you with a better idea of the monthly repayment you can practically afford

What amount of deposit do mortgage lenders require ?
The best part of lenders will loan you up to 90 percent of the current value of your prospective home, meaning you will be required to have a ten percent deposit. On the other hand, a small number of lenders will offer you up to 100% but this type of loan is less competitive and is in some cases a very expensive way to get a mortgage. A good deposit of above 15%, will present you with a large variety of mortgage prospects with the most attractive interest rates

Getting a mortgage with a bad credit file
A small group of mortgage lenders specialise in mortgages for people suffering from a bad credit file (CCJs, defaults) These lenders are called sub prime lenders. They will consider any impaired credit application (CCJs, defaults). Based on the bigger level of risk involved in offering a loan to applicants with poor credit, these subprime mortgage lenders demand a top level of interest rate on the mortgage.

With a bad credit rating (ccj's / arrears) you need to reflect cautiously regarding the cost of taking out a sub prime mortgage. You will need a bigger deposit of in some situations 15 percent or more.

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