A mortgage is ataken out to buy property or land. The is ’secured’ against the property, which means that if you fail to keep up the repayments on the mortgage – called falling into ‘arrears’ – the lender could repossess your home. Most mortgages run for 25 years but the can be shorter or longer.
Our Guide to mortgages will help you choose the right mortgage and understand the mortgage process and implications of your financial and legal commitments. Please click here for our handy Guide to mortgages.
For further information and key facts about mortgages please visit the Money Advice Service website.