What is a Mortgage
A mortgage is simply a loan. It is usually a large loan and it differs from most other loans in that it is “secured”. This means that you offer your home’s value as security in return for the money, by allowing the lender to take a “first legal charge” over the property. This means that if you default on the loan, the lender can get their money back by enforcing its sale. This is always a last resort however, and lenders are charged to work with you to resolve what might be a short term difficulty.
You will also often see this warning during the mortgage process:
Your home can be repossessed if you fail to maintain payments to your mortgage or any other loan that you secure on it.
We are Independent Mortgage Advisor’s, so will not just “sell” you a mortgage. We will help you decide:
How much you can and should borrow;
Over how long your mortgage loan should be arranged;
What type of interest rate is most appropriate for you;
What sort of valuation should you have;
What fees will we have to pay;
What is Stamp Duty;
How you choose a solicitor;
How you protect your loan and loan payments.