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Looking for a good mortgage lender can prove to be a complicated process. Access to the web will speed up the application process in most cases. At the present time the vast majority of lenders have an online web site and can present their mortgage offers over the web. Use the internet to get through to mortgage brokers to ask for advice. The lender's advisor should be able to help you on an appropriate

What is a mortgage?
In simple terms a mortgage is a loan borrowed to acquire a property, paid back over an established term. The general repayment term of a mortgage is up to 25 years but it can be reduced to tie in with your personal circumstances.

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

There are to all intents and purposes 2 types of mortgage products :

A repayment mortgage pays off both the principal and the interest over the duration of the mortgage. Provided that the defined monthly repayments are made at the correct time, a repayment mortgage product guarantees that the entirety of the mortgage debt will be paid back at the close of the loan period.

An interest only mortgage pays back only the interest on the monetary advance received - hence the "interest only" name. As the principal amount is not reimbursed monthly in this type of mortgage, you need to make your own plan to guarantee the principal is returned before or at the end of the mortgage agreed duration. Common ways of arranging the interest-only mortgage capital are with savings or investments products for instance endowment policies or the principal may be reimbursed by the resale of the property.

Knowing which kind of loan repayment approach is most suited to you depends on your personal employment and financial situation.

With a repayment mortgage you have the certitude that the property will be totally repaid at the end of the term. Nevertheless in the early stages of your loan the bulk of your mortgage payments will be payment of interest rather than capital. If you plan to move place of residence repeatedly or remortgage to get a better rate, you may find that little of the principal gets paid off.

With an interest-only mortgage, if your savings plans outperform your mortgage rates, you could pay off the principal sooner than expected, reducing the borrowing terms of mortgage and as a benefit, reducing the amount of interest paid to the lender. Prior to deciding about the type of mortgage which is the most suitable for you, we advise that you contact a fully qualified mortgage advisor.

What amount can I obtain from a mortgage lender?
Although there are no exact definitions as to what level a mortgage provider is prepared to lend, usually if you want to purchase a home as your principal residence, mortgage companies could offer you an advance of around x 3 your gross annual revenue, depending on your individual circumstances, such as employment status, your current level of debt ,etc…

Before you sign up to an agreement to borrow money it is recommended to make your budget detailing the amount you take home and your expenses such as electricity bills, telecom bills, supermarket bills, existing, car loan repayments and any ofther bills you have during the month. Within this calculate the cost of your new property (including new runing cost / bills and taxes). Be sure to add insurance premiums in your budget life insurance and / or mortgage insurance. Your accounts will provide you with a better idea of how much you have the capacity to reasonably afford

What amount of deposit do we need?
The majority of mortgage lenders will advance you a maximum of 90% of the current value of the house, meaning you will be required to provide a ten percent deposit. However, a few mortgage providers will give you up to 100% but this type of mortgage loan is less advantageous and is in some ways a very expensive solution to get a mortgage loan. A large deposit of above 15%, will provide you a bigger choice of mortgage solutions with a more attractive interest rate

Obtaining a mortgage with a bad credit file
A small group of mortgage companies can offer mortgage loans for applicants suffering from a bad credit record (CCJs, defaults) These lenders are called subprime lending companies. They will consider any adverse credit applicant (arrears, ccj's). With the bigger risk involved in lending to applicants with impaired credit, these sub prime mortgage providers charge an elevated level of interest (APR) on the mortgage loan.

With a bad credit rating (CCJs, defaults) you have to reflect carefully concerning the cost of getting a sub-prime mortgage loan. You need to have a bigger deposit of in some situations 15% and above.

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