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Looking for a good mortgage broker might be an arduous experience. Access to the web could end up simplify the experience in most cases. At the present time the vast majority of mortgage brokers have an online presence and can display their typical mortgage rates over the internet. You can take advantage of the web to get through to mortgage intermediaries to request a personalised quote. The mortgage intermediary's agent will be able to advise you on the most suitable
What is a mortgage?
In plain terms a mortgage product is a loan provided to pay for real estate, repaid over a set term. The normal term of a mortgage loan is 25 years however it can be modified to reflect your personal circumstances.
A mortgage is composed of two noticeable parts : the capital (the lump sum taken) and the interest (the fee charged by the mortgage lender for the benefit of receiving the capital).
There are basically two kinds of mortgage products :
A repayment mortgage pays off both the principal and the interest of the loan over the term of the mortgage. Assuming that the agreed monthly payments are made regulary and on time, a repayment mortgage loan guarantees that the whole of the mortgage debt will be repaid at the finishing point of the loan term.
An interest only mortgage pays off only the interest on the lump sum received - hence the "interest only" name. As the mortgage capital is not reimbursed monthly in this type of mortgage loan, you are responsible to make your own preparation to ensure the capital is covered before or at the end of the mortgage term. Common approaches of arranging this sort of mortgage loan are by means of savings or investments products such as pension policies or instead the capital could be paid by the sale of the real estate.
Establishing which sort of loan repayment approach is most appropriated can be determined by your individual financial and employement circumstances.
With a repayment mortgage loan you benefit from the peace of mind that your home will be totally repaid at the end of the loan. Still at the start of your loan the majority of your repayments will be payment of interest rather than the principal amount. If you plan to move property repeatedly or remortgage to secure a better mortgage rate, you may find that little of the capital gets paid off.
With an interest-only mortgage product, if your investments or savings plans perform better than expected, you can reimburse the capital sooner than expected, slashing the duration of mortgage and making a great saving. Ahead of deciding about the kind of mortgage which is the most suitable for you, we recommend that you speak to a fully qualified mortgage advisor.
What amount can we receive from a mortgage company?
Whereas there are no set guidelines as to how much a mortgage provider is willing to lend, normally if you plan to buy a house for you and your family, lenders could lend around 3.5 times your gross annual revenue, depending on your personal situation, such as employment status, your current level of debt ,etc…
Before you enter an agreement to borrow money it is recommended to make your budget itemising your salary and your monthly expenses such as gas and electricity bills, telecom bills, food and clothing costs, existing, unsecured loan repayments and any ofther bills you get every month. Within this budget for the cost of a new home (including new utility bills and taxes). Don't forget to add insurances in your plan house insurance and / or repayment protection. Your accounts will provide you with a better idea of the mortgage repayment you can afford
What amount of mortgage deposit do mortgage lenders want ?
Most mortgage providers will give you a maximum of 90 percent of the value of your new property, meaning you will be required to have a ten percent deposit. On the other hand, some mortgage companies will loan you a 100% mortgage but this kind of lending is less attractive and is in some cases an expensive method to get a mortgage loan. A large deposit of above 15%, will provide you a large variety of mortgage solutions with a more competitive interest rate
Obtaining a mortgage with a bad credit history
A small number of mortgage companies can arrange mortgages for borrowers with a impaired credit record (CCJs, defaults) These lenders are called sub prime lenders. They will review any bad credit mortgage application (default, arrears, ccj's). Due to the larger risk involved in providing a mortgage to applicants with poor credit, these subprime mortgage companies demand an elevated interest (APR) on the mortgage.
With an impaired credit history (ccj's / arrears) you have got to consider carefully concerning the cost of applying for a sub-prime mortgage. You will be required to have a larger deposit of no less than 15% and above.
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