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Looking for a good mortgage can prove to be a tiring experience. The internet could facilitate the process in most cases. Nowadays an increasing number of mortgage companies have an internet presence and can promote their mortgage offers over the web. Use the internet to make contact with lenders to compare mortgage options. The mortgage broker's representative will be able to help you on the best
Mortgage basics
In basic terms a mortgage is a lump sum received to acquire a house, paid back over a specified amount of time. The typical term of a mortgage is 25 years but it can be varied to tie in with your individual circumstances.
A mortgage is made up of two separate elements : the principal (the lump sum taken) and the interest (the annual fee charged by the lender for the benefit of getting the capital).
There are to all intents and purposes two types of mortgages :
A repayment mortgage product repays both the principal and the interest of the mortgage over the duration of the mortgage. Given that the agreed monthly repayments are made at the correct time, a repayment mortgage warrants that the whole of the mortgage debt will be paid at the end of the loan agreed period.
An interest only mortgage repays only the interest on the lump sum taken out - hence the "interest only" name. As the principal mortgage amount is not regulary repaid in this type of mortgage, you are responsible to make your own preparation to guarantee the capital is reimbursed before or at the end of the mortgage agreed duration. Common methods of providing this kind of mortgage loan are via savings or investments products for instance pension policies or alternatively the principal can be paid by the resale of the property.
Establishing which kind of mortgage loan repayment method is the best for you is determined by your individual financial and employement circumstances.
With a repayment mortgage loan you benefit from the certitude that your house will be fully reimbursed at the end of the mortgage. Yet in the early stages of your loan the best part of your mortgage payments will end up being payment of interest rather than capital repayment. If you plan to move home on a regular basis or re-mortgage to get a better mortgage deal, you can realise that little of the principal gets paid back.
With an interest-only mortgage, if your savings vehicles perform better than anticipated, you could pay off the capital quicker than projected, reducing the borrowing terms of mortgage and as a result saving money on interest. Ahead of deciding about the type of mortgage which is the most suitable for you, we advise that you contact a fully qualified financial advisor.
How much can we receive from a mortgage lender?
Whereas there are no defined rules as to what amount a mortgage lender is willing to lend, generally if you want to aquire a property as your main place of residence, lenders could offer you a mortgage around 3 times your joint gross annual salaries, depending on your personal circumstances, such as number of children you have, your current level of borrowing ,etc…
Before you proceed with an application to get a loan it is recommended to make your budget detailing your monthly income and your spending such as electricity bills, phone bills, food and clothing costs, ongoing, debt repayments and any ofther bills you get each month. Within this budget for the cost of your new property (including different runing cost / bills and taxes). Don't forget to add all insurance premiums in your budget buildings insurance or repayment protection insurance. Your accounts will give you a fair idea of the monthly mortgage you have the capacity to realistically afford
What amount of mortgage deposit do mortgage lenders want ?
Most building societies will lend you up to 90 percent of the purchase value of your intended property, meaning you will be required to have a ten percent deposit. However, a few mortgage providers will advance you up to 100% but this type of mortgage loan is less competitive and is in some instances an expensive way to get a mortgage. A large deposit of more than 20%, will give you a greater choice of mortgage offers, with a more attractive mortgage interest rate
Applying for a mortgage with a poor credit history
Some mortgage companies offer mortgage loans for borrowers with a adverse credit record (CCJs, defaults) These mortgage lenders are called sub prime lenders. They will consider any impaired credit mortgage applicant (ccj's / arrears). With the larger level of risk involved in providing a mortgage to applicants with bad credit, these sub prime mortgage providers demand a top level of APR on the advance.
With a poor credit rating (CCJs, defaults) you need to consider carefully concerning the cost of taking out a subprime mortgage. You need a higher level of deposit of no smaller than 15% and above.
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