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What is a mortgage?

A mortgage is a loan towards the purchase price of a property

A mortgage is a loan towards the purchase price of a property.

The amount you can borrow is based on your total income, your personal circumstances and the deposit you have to put towards the cost of the property.

You have a fixed term to repay the mortgage, usually 25 years, but in some circumstances it may be up to 40 years. The term usually finishes at or before your retirement age.

The mortgage is made up of 2 parts: Firstly ,the capital sum borrowed, and secondly the interest charged by the mortgage provider until the full amount is repaid. Repayments are made on a monthly basis.

It is a legal agreement, and if you are unable to keep up the monthly repayments the property may be repossessed by the lender.