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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.

Bank of England Base Rate

On 1st August 2024 the Bank of England’s Monetary Policy Committee (MPC) met and decided to decrease the Bank Base Rate by 0.25% to 5.00%.

Following this change, Base Rate tracker mortgages will be decreased by 0.25% from the 1st September 2024.

Please bear with us – our telephone lines may be busier than usual as we help our customers.

If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.

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