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Understanding mortgages, how they work, different types, interest rates, deposits, and what you need to know before applying.
A mortgage is a loan you take out to buy a property. The property itself acts as security (collateral) for the loan - if you can't repay it, the lender can take possession of your home.
Most people need a mortgage because houses cost far more than they can afford to pay upfront. A mortgage allows you to spread the cost over many years, typically 25-30 years.
The basics:
Monthly payments include:
Minimum deposit:
Why deposits matter:
Help to Buy and other schemes:
Repayment mortgage:
Interest-only mortgage:
Fixed-rate mortgage:
Variable-rate mortgage:
Tracker mortgage:
Discount mortgage:
Lenders typically allow you to borrow:
What lenders consider:
Upfront costs:
Ongoing costs:
Agreement in Principle (AIP):
Why get one:
If you miss payments:
Getting help:
Repossession is a last resort - lenders must try to help you first.
Yes, but:
Benefits of overpaying:
Home & Lifestyle Writer
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