A mortgage is security for a loan in the form of the provision of a right in property, such as land or buildings, or (more commonly) a sum of money borrowed for which property is the security.
In everyday terms a mortgage is an amount of money borrowed to buy a house (or some land, a business, or a boat, etc) in exchange for giving the lender some rights in the property. Typically, if terms of the repayment and interest on the loan are not met, then the lender has the right to sell the property to recover the debt.
Mortgages are usually long term arrangements – 15, 25, 50 years for instance. The length of the mortgage is called the “mortgage term” it is the amount of time between when the loan is originally made and when it is expected to be fully repaid. Mortgage calculators allow you to work out what a specific mortgage will cost you.
A Mortgage Broker may be able to provide advice and assistance in identifying and setting-up your mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.