If you want to get a mortgage, this information may help. It may also be helpful if you already have a mortgage but want to understand it better. We also have information about renting that you may find helpful.
Understanding more about mortgages and the options available could help sort out issues, for example when speaking to your lender or to a support organisation.If you’re getting a mortgage for the first time, you may be learning about what it involves. A mortgage is a loan that’s normally used to buy a home. The lender is usually a bank or building society. Most people pay the loan back over a long period of time, such as 25 or 30 years. This time period is known as the term.
The loan is secured against the home. This means that the lender can take back the house and sell it (repossess it) if you don’t continue with the monthly payments. But the lender must have done everything they can to help you continue with your mortgage payments. Repossession should only be a last option.