Key facts explained
Taking out a mortgage is a big financial commitment so it’s important to know what you’re doing and how mortgages work. You must also be sure that you can afford the repayments.
A mortgage is a loan taken out to buy property or land. The loan 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 term 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.
- Guide to Self Build
- Guide to remortgaging
- Guide to Buying Your First Home
- Guide to mortgages
- New mortgage customers – Melton Mortgage Solutions
- Mortgages in Retirement
- First-time buyer
- Remortgaging
- Self-build & renovation
- Buy-to-let mortgages
- Existing mortgage customers
- Credit repair
- Shared-ownership mortgages
