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Getting an appropriate mortgage may be a tough task. Access to the internet could smooth the mortgage process in the majority of cases. Currently the vast majority of mortgage intermediaries have an internet presence and can publish their typical mortgage rates over the web. Use the internet to speak to mortgage lenders to get specific quotes. The mortgage broker's representative will be able to advise you on the most suitable
Mortgage basics
In plain terms a mortgage product is a lump sum taken to purchase a home, repaid over an agreed term. The usual repayment term of a mortgage advance is up to 25 years but it can be revised to suit your personal situation.
A mortgage is composed of two noticeable elements : the principal (the amount received) and the interest (the annual fee charged by the mortgage lender for the advantage of receiving the lump sum borrowed).
There are basically two kinds of mortgages :
A repayment mortgage loan pays off both the capital and the interest of the mortgage during the life of the mortgage. Given that the exact monthly repayments are met in good time, a repayment mortgage product guarantees that the entirety of the mortgage debt will be settled at the end of the mortgage agreed term.
An interest only mortgage pays back only the interest on the monetary advance taken out - hence the "interest only" name. As the capital is not repaid monthly in this sort of mortgage loan, you will need to make your own arrangements to assure the capital is covered before or at the end of the mortgage repayment period. Usual approaches of managing this style of mortgage product are through investments or savings plans such as pension policies or instead the principal can be repaid by the resale of other assets.
Knowing which type of mortgage repayment method to choose depends on your individual employment and financial situation.
With a repayment mortgage loan you have the peace of mind that your house will be fully repaid at the end of the mortgage. Still in the early years of your mortgage the majority of your mortgage payments will be payment of interest rather than capital repayment. If you plan to move house regulary or re-mortgage to benefit from a better rate, you can realise that little of the principal amount gets paid back.
With an interest-only mortgage loan, if your savings vehicles perform better than expected, you can pay off the capital sooner than expected, reducing the duration of the loan and as a benefit, reducing the amount of interest paid to the lender. Ahead of reaching a decision about the kind of mortgage product which is best for you, we recommend that you speak to a fully trained mortgage advisor.
How much can I borrow from a mortgage lender?
Whilst there are no set rules as to what ceiling a mortgage company is prepared to lend, in general if you want to purchase a real estate property as your main place of residence, mortgage companies could be willing to lend you around up to x 5 your joint gross annual salaries, based on your personal circumstances, such as number of children you have, your credit history ,etc…
Before you proceed with signing to get a loan you should to work on a budget itemising your income and your expenses such as utility bills, phone bills, supermarket bills, ongoing, loan repayments and any ofther bills you have every month. As part of this estimate the cost of your new property (including different runing cost / bills and council tax). Don't forget to add insurances in your budget life insurance and / or mortgage protection insurance. This approach will provide you with a good idea of the monthly repayment you have the capacity to practically afford
How much mortgage deposit do mortgage lenders require ?
The vast majority of lenders will lend you no more than 90 percent of the purchase value of your prospective home, meaning you will be required to have a ten percent deposit. However, a small group of lenders will lend you a 100% mortgage but this kind of loan is less advantageous and is in some instances a very expensive solution to get a mortgage. A good deposit of above 20%, will give you a competive variety of mortgage solutions with a more competitive interest rate
Obtaining a mortgage loan with a bad credit file
A minority of mortgage lenders can arrange lending for borrowers suffering from a impaired credit record (CCJs) These mortgage companies are called subprime lenders. They will review any adverse credit applicant (ccj's / arrears). With the higher level of risk involved in offering a mortgage to people with bad credit, these subprime lenders will charge a superior interest (APR) on the mortgage.
With a low credit record (CCJs, defaults, arrears) you ought to reflect thoroughly regarding the cost of getting a sub prime mortgage. You need to secure a bigger deposit of no less than 15 percent or more.
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