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Getting a good mortgage provider may end up being a demanding experience. The world wide web could ease the mortgage process in the majority of cases. At the present time most mortgage lenders have a web site and can present their mortgage offers over the internet. You can make use of the web to get in touch with lenders to compare mortgage options. The mortgage company's representative will be able to advise you on the best
What is a mortgage?
In simple terms a mortgage product is an advance borrowed to buy real estate, paid back over a set term. The standard repayment term of a mortgage advance is between 20 and 25 years but it can be modified to suit your personal situation.
A mortgage is made up of two distinct components : the principal (the lump sum received) and the interest (the monthly fee charged by the mortgage provider for the benefit of getting the lump sum borrowed).
There are in effect two types of mortgage products :
A repayment mortgage loan pays off both the capital and the interest of the mortgage during the term of the mortgage. Given that the defined monthly repayments are paid on time, a repayment mortgage ensures that the whole of the amount borrowed will be settled at the completion of the mortgage agreed period.
An interest only mortgage pays back only the interest on the advance taken out - therefore the "interest only" name. As the capital is not repaid in this type of mortgage loan, you need to make your own provision to ensure the principal is paid before or at the end of the mortgage term. Common methods of organising this kind of mortgage are via investments or savings plans for example endowment plans or otherwise the principal may be paid by an inheritance.
Knowing which kind of mortgage repayment approach is most appropriated is in relation with your individual financial and employement circumstances.
With a repayment mortgage product you have the assurance that your home will be fully repaid at the end of the loan. Yet in the early stages of your loan the greater part of your repayments shall be payment of interest rather than capital repayment. If your plan is to move place of residence regulary or re-mortgage to get a better mortgage deal, you may realise that little of the principal is repaid.
With an interest-only mortgage loan, if your investment vehicles perform better than expected, you could repay the principal sooner than planned, slashing the borrowing terms of the loan and saving money. Ahead of deciding about the type of mortgage product which is the most suitable for you, we advise that you contact a qualified financial advisor.
How much can we borrow from a mortgage lender?
Whereas there are no defined guidelines as to what ceiling a mortgage lender is ready to lend, by and large if you want to buy a house for you and your family as your principal residence, mortgage companies may be willing to lend you around x 3 your joint gross annual salaries, based on your individual circumstances, such as employment status, your current level of debt ,etc…
Before you apply for a mortgage it is recommended to draw up your budget detailing your income and your spending such as utility bills, phone bills, food shopping, current, loan repayments and any other costs you have every month. As part of this calculate the cost of a new property (including different runing cost / bills and taxes). Make sure to add all insurance premiums in your plan life insurance and repayment protection. Your financial budget will give you a fair idea of the amount you may have the capacity to realistically afford
How much mortgage deposit do mortgage companies want?
The majority of mortgage providers will offer you up to 90 percent of the current value of the property, meaning you need a 10% deposit. However, a small number of mortgage providers will grant you up to 100% but this type of loan is less competitive and is in some cases a very expensive way to get a loan. A bigger deposit of 15% or more, will give you a competive range of mortgage solutions with the most attractive rates
Taking a mortgage loan with a poor credit history
Some mortgage lenders offer lending for people suffering from a adverse credit rating (arrears, ccj's) These lenders are called sub-prime lending companies. They will review any adverse credit mortgage applicant (arrears, ccj's). Due to the higher level of risk involved in providing a loan to applicants with adverse credit, these subprime mortgage providers require an elevated level of interest rate on the loan.
With an impaired credit history (ccj's / arrears) you have to consider cautiously concerning the cost of getting a sub-prime loan. You will need a greater deposit of a minimum of 20 percent or more.
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