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Looking for the right mortgage solution might be a complex task. The world wide web will end up simplify the application process in most cases. Today a great number of mortgage brokers have an online presence and can publish their mortgage services over the internet. You can make use of the world wide web to contact mortgage intermediaries to ask for advice. The lender's representative will be able to help you on a suitable
A basic understanding of a mortgage
In plain terms a mortgage product is a monetary advance arranged to purchase a house, paid back over an agreed loan term. The general repayment term of a mortgage loan is between 20 and 25 years but it can be modified to suit your circumstances.
A mortgage is composed of two clear parts : the principal (the lump sum borrowed) and the interest (the amount charged by the mortgage provider for the benefit of receiving the lump sum borrowed).
There are in essence 2 types of mortgage loans :
A repayment mortgage product repays both the principal and the interest of the mortgage over the duration of the mortgage. Providing the defined monthly repayments are met regulary and on time, a repayment mortgage product guarantees that the entirety of the mortgage loan will be cleared at the closing of the loan agreed period.
An interest only mortgage pays back only the interest on the amount taken out - hence the "interest only" name. Due to the fact the mortgage capital is not repaid in this sort of mortgage, you need to make your own provision to guarantee the capital is paid before or at the end of the mortgage agreed term. Popular methods of managing the interest-only mortgage loan are through savings plans for instance ISAs or instead the principal may be provided by an inheritance.
Knowing which sort of loan repayment approach is most suited to you can be influenced by your personal financial and employement circumstances.
With a repayment mortgage product you benefit from the assurance that your house will be fully reimbursed at the end of the term. On the other hand at the start of your loan the bulk of your mortgage payments shall be payment of interest rather than the principal amount. If you plan to move home regulary or remortgage to reduce the interest rate, you can realise that little of the principal gets paid back.
With an interest-only mortgage loan, if your investments or savings plans perform well, you could pay off the principal sooner than planned, cutting down the term of the loan and making a great saving. Ahead of deciding about the kind of mortgage which is the most suitable for you, we advise that you speak to a qualified mortgage advisor.
How much can we borrow from a mortgage lender?
While there are no set guidelines as to what level a mortgage lender is willing to lend, in general if you plan to buy a house for you and your family, lenders may lend you around up to x 4 your joint gross annual revenue, based on your individual situation, such as employment status, your current level of debt ,etc…
Before you sign up to an agreement to get a mortgage you are advised to work on a budget featuring your monthly income and your bills such as utility bills, telephone bills, the cost of your car, current, unsecured loan repayments and any ofther bills you have during the month. Within this estimate the monthly cost of a new property (including different runing cost / bills and council tax). Make sure to include insurance premiums in your calculation home insurance and / or mortgage insurance. This approach will present you with a clear idea of the monthly repayment you are able to practically afford
What amount of mortgage deposit do I need?
The majority of lenders will lend you no more than 90% of the current value of your new house, meaning you will be required to have a 10% deposit. Nevertheless a minority of lenders will loan you a 100% mortgage but this type of mortgage is less attractive and is in some cases a very expensive solution to get a mortgage. A bigger deposit of 15% or more, will give you access to a large choice of mortgage opportunities with a more attractive interest rate
Applying for a mortgage loan with a low credit rating
A small number of lenders specialise in lending for applicants with a poor credit history (arrears, ccj's) These mortgage companies are called sub prime lending companies. They will consider any low credit mortgage applicant (CCJs, defaults, arrears). With the higher level of risk with providing a loan to applicants with adverse credit, these sub prime mortgage companies request a top level of interest (APR) on the advance.
With an adverse credit record (defaults, arrears, ccj's) you have got to consider carefully concerning the cost of taking out a poor credit loan. You need to secure a higher level of deposit of in some cases 25percent and above.
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