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Getting a good mortgage deal can prove to be a gruelling experience. Access to the internet will end up facilitate the experience in the majority of cases. In this day and age the great majority of mortgage intermediaries have an online web site and can introduce their typical mortgage rates over the web. Take advantage of the internet to get in touch with mortgage lenders to gather further information. The mortgage intermediary's agent should be able to assist you on a suitable
Mortgage basics
In simple terms a mortgage product is a loan organised to pay for real estate, to be repaid over a set period. The ordinary term of a mortgage loan is twenty five years but it can be revised to match your circumstances.
A mortgage is made up of two clear elements : the principal (the amount taken) and the interest (the amount charged by the mortgage lender for the benefit of receiving the capital).
There are basically 2 categories of mortgage loans :
A repayment mortgage loan pays off both the capital and the interest of the mortgage during the period of the mortgage. Providing the defined monthly payments are paid on time, a repayment mortgage offers the assurance that the totality of the mortgage amount will be repaid at the end of the mortgage term.
An interest only mortgage repays only the interest on the loan received - for this reason the "interest only" name. As the principal mortgage amount is not repaid monthly in this kind of mortgage loan, you must make your own provision to assure the capital is reimbursed before or at the end of the mortgage term. Usual approaches of managing this sort of mortgage capital are by means of investments or savings products for instance endowment policies (also known as Endowment Mortgages) or otherwise the capital could be provided by the resale of the property.
Knowing which type of mortgage loan repayment method is right for you is determined by your individual financial situation.
With a repayment mortgage product you benefit from the certitude that the property will be totally repaid at the end. Still at the start of your loan the majority of your mortgage payments will be payment of interest rather than capital repayment. If you plan to move property repeatedly or remortgage to get more flexibility, you may realise that little of the principal amount gets paid back.
With an interest-only mortgage product, if your investment vehicles perform better that predictade, you can repay the capital sooner than anticipated, reducing the length of mortgage and saving money. Before making a decision about the type of mortgage product which is the most suitable for you, we recommend that you speak to a fully qualified mortgage advisor.
How much can I receive from a mortgage lender?
While there are no exact guidelines as to what ceiling a lender is prepared to lend, in general if you want to aquire a home for yourself, mortgage companies may lend you about x 3.5 your joint gross annual income, depending on your personal situation, such as employment status, your current level of borrowing ,etc…
Before you take up an application to borrow money you are advised to draw up your family budget listing your income and your spending such as electricity bills, phone bills, food and clothing costs, existing, debt repayments and any ofther bills you get every month. Within this account for the cost of a new home (including different runing cost / bills and taxes). Make sure to add insurance premiums in your plan life insurance or mortgage insurance. This method will give you a good idea of the repayment you may be able to practically afford
What amount of mortgage deposit do lenders want?
Most lenders will give you no more than 90% of the value of your new property, meaning you will need a 10% deposit. On the other hand, a few mortgage lenders will loan you up to 100% but this kind of mortgage is less attractive and is in some ways an expensive option to get a mortgage loan. A large deposit of above 20%, will give you a bigger variety of mortgage offers, with a more competitive rate
Obtaining a mortgage with a bad credit record
A small group of lenders offer mortgage loans for people with a impaired credit rating (arrears, ccj's) These lenders are called subprime lenders. They will consider any poor credit mortgage applicant (CCJs, defaults). With the higher risk with providing a loan to people with adverse credit, these sub prime lenders charge a top APR on the loan.
With a bad credit rating (arrears, ccj's) you ought to consider carefully about the cost of getting a sub-prime loan. You need to secure a larger deposit of at least 15% and above.
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