UK Fixed Mortgages Apr
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Searching for a good mortgage company can prove to be a complicated process. The internet could end up ease the process in most cases. Nowadays the great majority of mortgage companies have an online presence and can introduce their mortgage offers over the internet. You can take advantage of the web to contact mortgage providers to compare mortgage products. The lender's agent should be able to help you on an appropriate
Mortgage basics
In simple terms a mortgage product is an advance arranged to pay for a home, paid back over a set loan term. The standard repayment term of a mortgage is between 20 and 25 years but it can be adapted to tie in with your situation.
A mortgage is composed of two noticeable components : the principal (the amount given) and the interest (the annual fee charged by the mortgage provider for the advantage of taking out the principal amount).
There are in effect 2 kinds of mortgage products :
A repayment mortgage product pays off both the principal and the interest of the mortgage over the duration of the mortgage. Given that the agreed monthly repayments are paid on time, a repayment mortgage loan warrants that the entirety of the amount borrowed will be paid back at the completion of the mortgage agreed term.
An interest only mortgage pays off only the interest on the loan taken out - hence the "interest only" name. Due to the fact the principal amount is not regulary repaid in this sort of mortgage product, you will need to make your own provision to guarantee the capital is returned before or at the end of the mortgage repayment period. Common methods of organising this kind of mortgage loan are via investments or savings products such as endowment policies or the capital could be repaid by the sale of the house.
Knowing which sort of mortgage repayment method is most suited to you can be influenced by your individual employment and financial circumstances.
With a repayment mortgage loan you benefit from the assurance that your home will be totally repaid at the end of the mortgage. Yet at the start of your loan the bulk of your monthly payments will in fact be payment of interest rather than the principal amount. If your plan is to move home on a regular basis or remortgage to get a better rate, you may realise that little of the capital gets paid back.
With an interest-only mortgage loan, if your investment vehicles perform better that predictade, you could repay the capital quicker than anticipated, lessening the length of the loan and making a great saving. Before making a decision about the type of mortgage which is best for you, we advise that you speak to an independent financial advisor.
What amount can I take out from a mortgage company?
While there are no exact definitions as to what amount a mortgage company wishes to lend, by and large if you plan to buy a real estate property as your main place of residence, mortgage lenders could offer you an advance of around x 3 your joint gross annual salaries, depending on your personal circumstances, such as number of children you have, your credit rating ,etc…
Before you proceed with signing to get a loan you should to draw up a budget detailing your different incomes and your bills such as gas and electricity bills, telecom bills, food and clothing costs, ongoing, unsecured loan repayments and any other costs you get each month. Within this budget for the cost of your new property (including new utility bills and council tax). Be sure to include all insurance premiums in your plan home insurance and mortgage insurance. Your financial budget will give you a reasonable idea of how much you may be able to realistically afford
How much deposit do mortgage companies want?
Most mortgage providers will offer you no more than 90 percent of the purchase price of the house, meaning you will be required to provide a 10% deposit. On the other hand, a small number of mortgage lenders will give you a 100% mortgage but this type of lending is less advantageous and is in some ways an expensive way to get a mortgage. A large deposit of above 15%, will give you access to a bigger variety of mortgage solutions with a more attractive mortgage interest rate
Obtaining a mortgage with a low credit history
Some mortgage companies can arrange mortgage loans for applicants with a poor credit history (CCJs, defaults) These mortgage providers are called sub prime lenders. They will review any impaired credit mortgage applicant (default, arrears, ccj's). Based on the larger level of risk with providing a mortgage to applicants with low credit, these sub prime lenders request a top level of APR on the loan.
With a low credit history (CCJs, defaults, arrears) you must consider carefully regarding the cost of getting a sub-prime mortgage loan. You will be required to have a bigger deposit of in some instances 25percent and above.
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