What is a Mortgage.?
A mortgage is a loan on a property
or house that secures a loan and is paid in instalments over a
set period of time. The mortgage secures your promise that you
will repay the money you have borrowed to buy your home.
While a mortgage in itself is not a debt, it is the lender's
security for a debt. It is a transfer of an interest in land (or
the equivalent) from the owner to the mortgage lender, on the
condition that this interest will be returned to the owner when
the terms of the mortgage have been satisfied or performed. In
other words, the mortgage is a security for the loan that the
lender makes to the borrower.
You can get a mortgage direct from the lender (banks, building
societies and specialist mortgage lenders), or you can use a
You can buy based on 'information' only or get advice and
recommendation on a mortgage that suits your particular needs.
Mortgages come in many different shapes and sizes, each with its
own advantages and disadvantages. Make sure you select the
mortgage that is right for you, your future plans, and your