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Looking for a suitable mortgage product can prove to be a tiring process. Access to the web will end up improve the mortgage application process in most cases. In this day and age an increasing number of mortgage providers have an online web site and can promote their typical mortgage rates over the web. Use the internet to make contact with mortgage lenders to gather further information. The mortgage intermediary's agent will be able to advise you on the most suitable

A basic mortgage definition
In basic terms a mortgage is a lump sum taken to pay for a home, to be repaid over a defined period. The common repayment period of a mortgage advance is between 20 and 25 years but it can be adapted to meet your personal circumstances.

A mortgage is composed of two defined elements : the principal (the amount received) and the interest (the fee charged by the mortgage provider for the advantage of receiving the principal amount).

There are essentially 2 kinds of mortgages :

A repayment mortgage loan repays both the capital and the interest of the mortgage over the agreed term of the mortgage. On the condition that the exact monthly repayments are made in good time, a repayment mortgage product promises that the whole of the mortgage debt will be paid back at the close of the loan agreed period.

An interest only mortgage pays back only the interest on the monetary advance received - hence the "interest only" name. Since the principal mortgage amount is not included in this kind of mortgage product, you will need to make your own plan to ensure the capital is paid before or at the end of the mortgage repayment period. Common methods of providing the interest-only mortgage are by the use of investments or savings plans for instance pension policies or the capital can be paid by the sale of the house.

Establishing which kind of mortgage repayment approach is the best for you depends on your individual employment and financial circumstances.

With a repayment mortgage you have the assurance that your property will be totally reimbursed at the end of the loan. Yet in the first few years of your loan the best part of your mortgage payments will in fact be payment of interest rather than the principal amount. If your plan is to move house on a regular basis or re-mortgage to get a better mortgage deal, you may find that little of the principal amount is reimbursed.

With an interest-only mortgage loan, if your savings plans outperform your mortgage rates, you could pay off the principal faster than expected, cutting down the borrowing terms of mortgage and making a great saving. Before making a decision about the type of mortgage which is right for you, we advise that you speak to a qualified financial advisor.

How much can you borrow from a mortgage company?
In spite of the fact that there are no defined definitions as to what level a mortgage provider is willing to lend, generally if you plan to aquire a house for you and your family as your principal residence, mortgage companies could offer you a mortgage about a maximum of 5 times your joint gross annual revenue, depending on your personal situation, such as number of children you have, your current level of borrowing ,etc…

Before you proceed with signing for a mortgage it is advised to draw up your accounts featuring your monthly income and your monthly outgoings such as utility bills, telephone bills, supermarket bills, current, debt repayments and any other costs you have during the month. Within this calculate the cost of a new property (including new utility bills and taxes). Make sure to include insurance costs in your plan contents insurance or mortgage protection insurance. Your budget will give you a better idea of the amount you might be able to sensibly afford

What amount of mortgage deposit do I need?
The greater part of lenders will offer you a maximum of 90 percent of the current value of the house, meaning you will be required to provide a 10% deposit. Nevertheless a small number of mortgage lenders will grant you a 100% mortgage but this type of lending is less attractive and is in some ways an expensive way to get a mortgage. A large deposit of more than 15%, will present you with a wider range of mortgage opportunities with a more attractive rate

Getting a mortgage with a bad credit record
A small number of mortgage lenders specialise in mortgages for people disadvantaged by a impaired credit record (CCJs, defaults) These mortgage lenders are called sub-prime lenders. They will review any impaired credit mortgage application (CCJs, defaults). Due to the higher level of risk with providing a mortgage to people with low credit, these sub-prime lenders will charge a higher level of interest (APR) on the advance.

With an adverse credit history (arrears, ccj's) you should reflect cautiously regarding the cost of getting a subprime mortgage loan. You need a bigger deposit of in some cases 20% or more.

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