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Looking for the correct mortgage broker can prove to be a tough task. Access to the web can improve the application process in the majority of cases. At the present time the vast majority of mortgage lenders have an internet presence and can introduce their mortgage benefits over the internet. You can use the internet to get through to mortgage providers to compare mortgage products. The mortgage provider's representative will be able to help you on the most suitable

Mortgage basics
In simple terms a mortgage is a lump sum given to buy a house, to be repaid over a set period. The normal repayment period of a mortgage loan is between 20 and 25 years but it can be modified to go with your personal situation.

A mortgage is made up of two definite parts : the capital (the amount borrowed) and the interest (the fee charged by the mortgage lender for the benefit of receiving the capital).

There are essentially 2 types of mortgage loans :

A repayment mortgage product pays back both the principal and the interest of the loan over the term of the mortgage. Provided that the exact monthly repayments are made regulary and on time, a repayment mortgage product promises that the totality of the mortgage loan will be paid off at the end of the mortgage agreed duration.

An interest only mortgage repays only the interest on the mortgage borrowed - for this reason the "interest only" name. Due to the fact the principal amount is not repaid in this sort of mortgage product, you must make your own preparation to assure the capital is paid before or at the end of the mortgage repayment period. Popular ways of organising this sort of mortgage are by means of investments or savings products for instance pension policies or alternatively the principal could be provided by the resale of other assets.

Establishing which sort of mortgage loan repayment approach is most appropriated is in relation with your individual employment and financial circumstances.

With a repayment mortgage loan you have the peace of mind that your home will be totally reimbursed at the end. Nevertheless in the first few years of your loan the bulk of your mortgage payments will in fact be payment of interest rather than repayment of the principal amount. If you plan to move property on a regular basis or re-mortgage to get a better rate, you may realise that a small percentage of the principal is repaid.

With an interest-only mortgage product, if your savings or investments vehicles perform better than anticipated, you could reimburse the principal faster than expected, reducing the length of the loan and making a great saving. Ahead of making a decision about the kind of mortgage which is the most suitable for you, we encourage that you speak to a fully qualified financial advisor.

How much can we receive from a mortgage lender?
Whereas there are no set guidelines as to what amount a provider is willing to lend, commonly if you want to buy a home as your principal residence, mortgage companies could lend about 3 times your joint gross annual salaries, depending on your individual circumstances, such as employment status, your credit rating ,etc…

Before you take up an application for a mortgage it is recommended to make a budget detailing your income and your monthly spending such as gas and electricity bills, phone bills, transport costs, existing, unsecured loan repayments and any other costs you get during the month. Within this account for the monthly cost of your new home (including different runing cost / bills and taxes). Be sure to add insurance premiums in your calculation house insurance and / or mortgage protection insurance. This approach will give you a clear idea of the monthly repayment you may be able to afford

What amount of deposit do I need?
The vast majority of mortgage lenders will give you no more than 90% of the purchase price of your new house, meaning you will be required to have a ten percent deposit. Nevertheless a small number of lenders will give you a 100% mortgage but this sort of mortgage loan is less advantageous and is in some instances an expensive option to get a loan. A good deposit of more than 15%, will give you access to a greater range of mortgage opportunities with the most attractive rates

Getting a mortgage with a poor credit history
A small number of mortgage companies can offer lending for people with a poor credit record (CCJs, defaults) These mortgage lenders are called subprime lending companies. They will review any poor credit application (arrears, ccj's). Due to the greater level of risk involved in providing a loan to applicants with adverse credit, these subprime lenders charge a higher APR on the loan.

With an adverse credit history (arrears, ccj's) you should consider cautiously about the expense of applying for a sub-prime mortgage. You will need a larger deposit of a minimum of 20% or more.

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