An Introduction to Mortgages
There are times in our lives when we can all use some help and guidance. Buying a home is one of those major steps that’s much easier to take if you’re well-informed and get some good advice. Here, we’ll provide answers to a few of the questions we’re regularly asked by clients.
WHAT’S A MORTGAGE AND HOW DOES IT WORK?
A mortgage is a loan that you take out to buy a property. Most run for 25 years but can be shorter or longer. The money you borrow is called the capital and the lender charges you interest on it until it is repaid. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess your home and sell it so they get their money back.
To read more about Mortgages, please click on the guide linked below.