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Getting the right mortgage solution might be a challenging process. Access to the internet will speed up the task in most cases. These days the great majority of lenders have an internet presence and can publish their mortgage services over the web. You can use the web to make contact with mortgage intermediaries to ask for further information. The lender's advisor will be able to assist you on the right
Mortgage basics
In simple terms a mortgage product is a lump sum provided to buy a home, to be repaid over a specified period. The common repayment period of a mortgage advance is twenty five years however it can be adapted to meet your situation.
A mortgage is made up of two clear elements : the principal (the lump sum received) and the interest (the monthly fee charged by the lender for the advantage of taking out the lump sum borrowed).
There are to all intents and purposes 2 types of mortgage loans :
A repayment mortgage repays both the capital and the interest of the mortgage over the agreed term of the mortgage. Provided that the agreed monthly payments are paid in good time, a repayment mortgage certifies that the entirety of the mortgage debt will be covered at the completion of the loan agreed duration.
An interest only mortgage repays only the interest on the loan given - for this reason the "interest only" name. Due to the fact the principal amount is not repaid monthly in this sort of mortgage, you are responsible to make your own arrangements to guarantee the principal is paid before or at the end of the mortgage repayment period. Usual ways of arranging this kind of mortgage are using savings or investments products for instance endowment plans or the capital may be provided by the sale of the house.
Determining which type of loan repayment approach is the best for you depends on your personal employment and financial situation.
With a repayment mortgage product you benefit from the guarantee that your house will be fully repaid at the end. Still at the start of your mortgage the bulk of your monthly repayments will end up being payment of interest rather than the principal amount. If you plan to move property on a regular basis or re-mortgage to reduce the interest rate, you could find that little of the principal amount gets paid off.
With an interest-only mortgage product, if your investments or savings plans perform well, you can repay the capital quicker than expected, cutting down the length of mortgage and saving money. Prior to making a decision about the sort of mortgage which is the most suitable for you, we advise that you contact a fully trained mortgage advisor.
What amount can I take out from a mortgage lender?
Although there are no defined definitions as to what level a mortgage provider wishes to lend, in general if you want to purchase a home for you and your family, mortgage lenders could offer you a mortgage around x 3.5 your gross annual salary, based on your individual circumstances, such as employment status, your credit history ,etc…
Before you proceed with an application to get a loan you are advised to make your accounts detailing your monthly income and your monthly outgoings such as utility bills, phone and mobile bills, the cost of your car, current, loan repayments and any other costs you get during the month. Within this estimate the monthly cost of a new home (including different runing cost / bills and council tax). Be sure to add insurance costs in your plan home insurance or repayment protection. Your budget will give you a fair idea of the amount you may have the capacity to reasonably afford
What amount of deposit do mortgage lenders require ?
Often lenders will lend you up to 90 percent of the current value of your prospective home, meaning you will need a 10% deposit. However, a small group of lenders will offer you a 100% mortgage but this type of lending is less attractive and is in some ways a very expensive option to get a loan. A bigger deposit of above 15%, will provide you a wider variety of mortgage offers, with a more attractive interest rate
Applying for a mortgage with a bad credit rating
A small group of mortgage companies can arrange mortgages for borrowers suffering from a low credit file (CCJs, defaults, arrears) These mortgage companies are called subprime lending companies. They will consider any low credit applicant (default, arrears, ccj's). With the bigger level of risk involved in lending to people with impaired credit, these subprime mortgage companies request a superior APR on the advance.
With an impaired credit history (arrears, ccj's) you should consider thoroughly regarding the expense of taking out a subprime mortgage. You will be required to have a larger deposit of in some instances 25% and above.
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