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Finding the correct mortgage broker can be a tough task. The internet could end up smooth the process in most cases. These days the great majority of mortgage companies have an online presence and can display their mortgage offers over the web. You can use the web to speak to lenders to compare mortgage products. The mortgage intermediary's agent should be able to help you on the most suitable

What is a mortgage?
In basic terms a mortgage product is a monetary lump sum taken to pay for a property, repaid over a defined period. The typical repayment term of a mortgage advance is 25 years however it can be revised to match your personal situation.

A mortgage is made up of two separate parts : the capital (the amount given) and the interest (the annual fee charged by the mortgage company for the benefit of getting the principal amount).

There are in essence 2 kinds of mortgage loans :

A repayment mortgage pays back both the capital and the interest during the term of the mortgage. If the agreed monthly repayments are paid on time, a repayment mortgage product promises that the totality of the mortgage debt will be covered at the completion of the mortgage term.

An interest only mortgage pays back only the interest on the monetary advance given - therefore the "interest only" name. Since the capital is not reimbursed monthly in this sort of mortgage product, you will need to make your own preparation to assure the capital is reimbursed before or at the end of the mortgage agreed duration. Common methods of arranging this kind of mortgage product are by means of savings or investments plans such as pension policies or otherwise the capital may be reimbursed by the resale of the house.

Establishing which type of mortgage loan repayment method to choose can be governed by your individual financial situation.

With a repayment mortgage loan you benefit from the certitude that your property will be fully repaid at the end. On the other hand in the early years of your mortgage most of your monthly repayments will in fact be payment of interest rather than the principal amount. If you plan to move house repeatedly or re-mortgage to get a better mortgage deal, you can realise that a small percentage of the capital is repaid.

With an interest-only mortgage product, if your investments or savings plans perform better than expected, you can pay off the capital sooner than expected, decreasing the borrowing terms of mortgage and making a great saving. Prior to deciding about the type of mortgage product which is the most suitable for you, we advise that you speak to a fully qualified financial advisor.

How much can we obtain from a mortgage company?
Whereas there are no exact rules as to what ceiling a lender is ready to lend, commonly if you plan to aquire a real estate property for yourself, mortgage providers could offer you an advance of about x 3 your joint annual income, depending on your individual situation, such as employment status, your current level of borrowing ,etc…

Before you apply to take a mortgage it is advised to make your family budget listing the amount you take home and your monthly spending such as electricity bills, phone and mobile bills, food shopping, current, debt repayments and any other costs you get during the month. As part of this estimate the cost of your new property (including different runing cost / bills and taxes). Make sure to add insurance costs in your budget home insurance and / or repayment protection insurance. Your accounts will give you a fair idea of the amount you are able to afford

How much mortgage deposit do lenders want?
The vast majority of mortgage lenders will lend you no more than 90% of the value of your new home, meaning you will need a 10% deposit. Nevertheless a minority of mortgage lenders will grant you a 100% mortgage but this type of loan is less competitive and is in some cases a very expensive method to get a mortgage. A large deposit of above 25%, will give you a greater range of mortgage opportunities with the most attractive mortgage interest rates

Getting a mortgage loan with a low credit rating
Some mortgage companies offer mortgages for applicants suffering from a poor credit history (arrears, ccj's) These mortgage lenders are called sub-prime lenders. They will review any adverse credit mortgage application (arrears, ccj's). With the bigger risk involved in lending to people with bad credit, these sub prime mortgage lenders request a higher level of interest rate on the loan.

With a bad credit record (CCJs, defaults, arrears) you have to consider thoroughly about the expense of taking out a sub-prime mortgage. You need a superior level of deposit of in some situations 15% or more.

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