Mortgages
A mortgage is the name given to a loan secured on your home. It is usually used to buy the home although it is becoming much more popular to consider a new mortgage (where the propety is already owned) to take advantage of a more competitive mortgage product or to raise capital for other purposes such as redecorating or building an extension.
A mortgage is a long-term loan which normally runs for a fixed period of typically 25 years. Most mortgages are now flexible and allow for early repayment or, if your situation changes, the term can be extended beyond the original fixed period.
Mortgages were once only available through building societies and banks but recently a multitude of larger organisations have entered the market and there is now a wide variety of lenders offering mortgages on residential property. This expansion in the number of lenders has given rise to a host of different loan packages being made available.
Nowadays there are mortgages to suit most people's needs, whether you are buying your first home, a retirement cottage or perhaps an investment property.
Make sure you always read and understand any information provided to you about the mortgage or mortgages you are considering applying for.If you need further advice always ask the lender and they will be able to explain things in more detail.
Always be sure you are happy with the lender and the advice and assistance they provide before accepting their terms.