Mortgage
mortgage glossary
Most of us do not buy our homes for cash - instead we borrow money to do so.
If you're looking for a home loan, you'll see a variety of offers available, including fixed rate, capped and discount schemes.
You'll also hear references to Endowment, ISA mortgages, pension mortgages and repayment mortgages.
In legal terms, a mortgage is a deed pledging freehold or leasehold property as security for a loan. The lender advances money and receives certain rights, including the authority to sell the property if repayments are not maintained.
Remember your home is at risk if you do not keep up the repayments on a mortgage or other loan secured on it.
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