UK Bad Credit Mortgages

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Getting an appropriate mortgage deal can be a testing process. Access to the web will facilitate the experience in most cases. Nowadays the vast majority of mortgage companies have an internet presence and can publish their mortgage deals over the internet. You can use the web to contact lenders to compare mortgage options. The mortgage company's representative should be able to advise you on the best

A basic understanding of a mortgage
In plain terms a mortgage product is a personal loan arranged to buy a house, repaid over an agreed amount of time. The common repayment term of a mortgage is twenty five years however it can be varied to suit your situation.

A mortgage is composed of two separate components : the principal (the lump sum received) and the interest (the amount charged by the mortgage lender for the benefit of taking out the capital).

There are primarily 2 categories of mortgage loans :

A repayment mortgage pays back both the principal and the interest of the loan over the term of the mortgage. Given that the agreed monthly repayments are made in good time, a repayment mortgage offers the assurance that the entirety of the mortgage debt will be covered at the completion of the mortgage agreed term.

An interest only mortgage repays only the interest on the lump sum borrowed - hence the "interest only" name. Since the mortgage capital is not reimbursed in this sort of mortgage product, you must make your own preparation to ensure the principal is paid back before or at the end of the mortgage agreed period. Usual ways of providing this sort of mortgage product are with savings or investments products for example endowment plans or otherwise the capital can be repaid by the sale of the house.

Determining which type of mortgage loan repayment method to choose is in relation with your individual financial circumstances.

With a repayment mortgage product you have the assurance that your house will be fully reimbursed at the end of the term. On the other hand in the early stages of your loan the best part of your repayments will be payment of interest rather than capital. If your plan is to move place of residence repeatedly or remortgage to get a more competitive rate, you can realise that little of the capital loan is repaid.

With an interest-only mortgage loan, if your investment plans perform better that imagined, you can pay off the capital sooner than planned, reducing the length of the loan and as a benefit, reducing the amount of interest paid to the lender. Before making a decision about the type of mortgage product which is best for you, we recommend that you get in touch with a fully qualified mortgage advisor.

What amount can we borrow from a mortgage lender?
While there are no set definitions as to what amount a mortgage lender is ready to lend, by and large if you want to purchase a real estate property for yourself as your main place of residence, mortgage lenders could offer you a mortgage around x 3 your annual income, based on your personal situation, such as number of children you have, your current level of debt ,etc…

Before you enter an agreement for a mortgage you are advised to draw up your budget featuring the amount you take home and your monthly expenses such as electricity bills, phone and mobile bills, transport costs, current, unsecured loan repayments and any other costs you have each month. Within this estimate the cost of a new property (including new runing cost / bills and taxes). Don't forget to add all insurance premiums in your calculation life insurance and / or repayment protection. This method will provide you with a reasonable idea of the monthly mortgage you may have the capacity to sensibly afford

How much mortgage deposit do mortgage companies want?
Often mortgage lenders will lend you no more than 90% of the purchase price of your new property, meaning you need a 10% deposit. On the other hand, a minority of mortgage lenders will loan you up to 100% but this sort of mortgage loan is less attractive and is in some instances an expensive solution to get a mortgage. A bigger deposit of more than 15%, will provide you a wider range of mortgage opportunities with the most attractive mortgage interest rates

Applying for a mortgage loan with a poor credit history
A small number of mortgage companies specialise in lending for people suffering from a bad credit file (CCJs, defaults, arrears) These mortgage providers are called sub-prime lending companies. They will review any poor credit mortgage applicant (arrears, ccj's). Due to the greater level of risk involved in offering a loan to people with impaired credit, these sub-prime mortgage lenders demand a superior APR on the mortgage.

With an adverse credit record (CCJs, defaults, arrears) you should reflect cautiously concerning the cost of applying for a sub prime mortgage loan. You need to secure a superior level of deposit of at least 15% or more.

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