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Finding a good mortgage solution may be a demanding task. The web could end up simplify the process in the majority of cases. Currently the great majority of mortgage companies have an online web site and can display their services and benefits over the internet. You can take advantage of the web to speak to mortgage providers to compare mortgage options. The mortgage company's advisor should be able to assist you on the right
Mortgage basics
In simple terms a mortgage is a monetary advance organised to purchase a house, paid back over a set period. The normal term of a mortgage advance is up to 25 years however it can be reduced to go with your individual situation.
A mortgage is composed of two separate parts : the principal (the lump sum borrowed) and the interest (the annual fee charged by the lender for the advantage of receiving the principal amount).
There are fundamentally 2 sorts of mortgage loans :
A repayment mortgage pays back both the principal and the interest of the loan during the life of the mortgage. Assuming that the exact monthly repayments are met regulary and on time, a repayment mortgage product assures that the full amount of the mortgage amount will be cleared at the finishing point of the mortgage period.
An interest only mortgage pays off only the interest on the loan taken out - hence the "interest only" name. As the principal mortgage amount is not included in this kind of mortgage, you have to make your own plan to assure the principal is covered before or at the end of the mortgage repayment period. Usual approaches of arranging this type of mortgage product are using savings plans for instance pension policies or otherwise the capital may be provided by the sale of the house.
Determining which sort of mortgage repayment approach is most suited to you can be governed by your individual financial and employement situation.
With a repayment mortgage you benefit from the guarantee that your home will be fully reimbursed at the end of the term. Still at the beginning of your loan the greater part of your monthly payments shall be payment of interest rather than capital repayment. If you plan to move home repeatedly or remortgage to get a more competitive rate, you may realise that a small percentage of the capital gets paid off.
With an interest-only mortgage product, if your savings or investments plans perform better than expected, you could pay off the capital sooner than projected, slashing the borrowing terms of the loan and saving money. Ahead of making a decision about the kind of mortgage product which is best for you, we recommend that you contact an independent financial advisor.
How much can we obtain from a mortgage lender?
Whereas there are no defined definitions as to what amount a mortgage lender is willing to lend, usually if you want to buy a home for yourself, lenders may be willing to lend you around x 3 your annual income, depending on your personal circumstances, such as number of children you have, your current level of debt ,etc…
Before you proceed with signing to take a mortgage it is recommended to draw up your budget detailing your salary and your spending such as gas and electricity bills, telecom bills, the cost of your car, existing, credit card repayments and any ofther bills you get each month. As part of this calculate the monthly cost of a new home (including different runing cost / bills and taxes). Make sure to add all insurance premiums in your calculation buildings insurance or mortgage protection insurance. This method will provide you with a fair idea of the monthly mortgage you can afford
What amount of mortgage deposit do I need?
The best part of lenders will give you no more than 90 percent of the purchase price of your new property, meaning you need a 10% deposit. Nevertheless a small group of mortgage companies will lend you a 100% mortgage but this type of mortgage loan is less advantageous and is in some ways an expensive option to get a loan. A decent deposit of more than 25%, will give you access to a large choice of mortgage prospects with the most attractive rates
Getting a mortgage with a poor credit record
Some lenders can offer mortgage loans for people with a poor credit rating (arrears, ccj's) These mortgage companies are called sub prime lenders. They will review any adverse credit applicant (CCJs, defaults). Due to the higher risk with offering a mortgage to people with low credit, these sub-prime mortgage lenders will charge a top interest rate on the mortgage.
With a poor credit rating (arrears, ccj's) you should consider cautiously regarding the cost of getting a poor credit mortgage. You will be required to have a superior level of deposit of at least 20 percent or more.
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