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Getting an appropriate mortgage lender may prove to be a complex task. Access to the web can speed up the process in most cases. In this day and age a great number of mortgage brokers have an online presence and can promote their mortgage deals over the web. Take advantage of the web to get in touch with mortgage intermediaries to ask for a quote. The mortgage broker's agent should be able to assist you on an appropriate
Mortgage basics
In simple terms a mortgage is a lump sum provided to buy a home, to be repaid over a set period. The common term of a mortgage advance is up to 25 years but it can be adapted to suit your individual situation.
A mortgage is made up of two noticeable parts : the capital (the amount taken) and the interest (the fee charged by the mortgage provider for the advantage of getting the amount borrowed).
There are in effect two kinds of mortgage loans :
A repayment mortgage pays back both the capital and the interest over the duration of the mortgage. On the condition that the defined monthly repayments are met at the correct time, a repayment mortgage offers the assurance that the full amount of the mortgage amount will be settled at the close of the loan agreed period.
An interest only mortgage pays back only the interest on the mortgage taken out - for this reason the "interest only" name. Since the principal amount is not repaid monthly in this kind of mortgage loan, you are responsible to make your own plan to ensure the capital is covered before or at the end of the mortgage agreed period. Standard methods of managing this sort of mortgage product are through savings or investments plans such as endowment policies (also known as Endowment Mortgages) or the capital can be repaid by the sale of other assets.
Knowing which sort of mortgage repayment approach is most appropriated depends on your personal financial circumstances.
With a repayment mortgage loan you have the certitude that your property will be totally repaid at the end of the term. Still in the first few years of your loan the bulk of your repayments shall be payment of interest rather than capital repayment. If your plan is to move property regulary or remortgage to get a better mortgage deal, you can realise that little of the principal is repaid.
With an interest-only mortgage, if your savings or investments plans perform better that imagined, you could repay the capital sooner than anticipated, reducing the duration of mortgage and saving money. Prior to making a decision about the style of mortgage product which is best for you, we suggest that you speak to a qualified financial advisor.
How much can you receive from a mortgage lender?
Whereas there are no exact definitions as to what ceiling a lender is ready to lend, commonly if you want to aquire a home for yourself, lenders may lend you about x 3 your joint annual income, based on your personal situation, such as employment status, your credit rating ,etc…
Before you proceed with an application to borrow money you are advised to work on your accounts detailing your monthly income and your monthly expenses such as electricity bills, phone and mobile bills, food and clothing costs, ongoing, car loan repayments and any other costs you have each month. Within this account for the monthly cost of your new property (including new runing cost / bills and council tax). Make sure to add all insurances in your calculation home insurance and repayment protection insurance. Your budget will give you a clear idea of the monthly mortgage you may be able to afford
How much mortgage deposit do we need?
The best part of lenders will grant you a maximum of 90% of the current value of your intended property, meaning you need a ten percent deposit. On the other hand, a small group of lenders will grant you a 100% mortgage but this sort of mortgage is less attractive and is in some instances a very expensive method to get a loan. A decent deposit of above 15%, will give you a bigger range of mortgage offers, with the most attractive interest rates
Getting a mortgage loan with a bad credit record
A small group of mortgage lenders offer mortgage loans for applicants with a impaired credit rating (CCJs, defaults) These mortgage companies are called sub prime lending companies. They will consider any impaired credit mortgage applicant (CCJs, defaults, arrears). Due to the higher risk involved in providing a loan to people with adverse credit, these subprime lenders charge a top level of interest rate on the loan.
With a poor credit rating (defaults, arrears, ccj's) you ought to think carefully concerning the expense of taking out a poor credit loan. You need to have a higher level of deposit of in some cases 25% and above.
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