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Mortgage
Guide
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Mortgage Basics
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What is a mortgage?
A
mortgage is a loan you take out from a mortgage
lender
to help pay for a property.
If you don't repay the loan as agreed, the lender can take
possession of the property and sell it to recoup the money
you owe.
The loan is made up of two elements:
• The capital
– in other words, the amount of money you borrowed to
buy your property, and
• The interest–
the amount the mortgage lender charges for lending you the
money (which is why they're in business).
You'll see hundreds of different names for mortgages. Ignore
them. They all boil down to the two main types:
• Repayment
mortgages and
• Interest-only
mortgages.
Actually there is a new third type – the current
account mortgage – but if you want
to learn the basics of mortgages now, you can read about that
later.
Lenders often make things seem more complicated than they
have to be. But don't worry – with our help, it can
all be kept fairly simple.
The two most significant things about any mortgage are:
• The interest
rate and
• The mortgage
fees
Read on to find out Why the interest rate and fees matter so much.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read On / Mortgage Basics
What
is a mortgage?
A basic summary of the
rules
The
choices you need to make
How much can
you borrow?
How do you prove
your income?
How long are mortgages
usually for?
What will happen to interest rates?
Read On / Mortgage Guide
How
to Choose your Mortgage
Types of Mortgage
Remortgages
Where to Find your Mortgage
Getting a Mortgage in Principle
Read On
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |
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