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About mortgages.




A mortgage in basic term is a loan given an individual or corporate body by a financial services provider, usually a bank or building society for the specific purpose of purchasing a property.

This type of loan is called a secured loan because in essence you put down the property as security. Your bank or building society lend you the money on the basis that you pay back over a certain number of years ( depending on the agreement you strike) and if you are unable to keep up with the repayments as agreed, then your lender has every right following a legal process to repossess  the property and sell it in order to get back the money borrowed you.

Committing to a mortgage is a very huge responsibility to take on and before you take the plunge bear in mind that the experts suggest you borrow wisely. This means that you should realistically work out how much you can afford to put into mortgage repayments now and in the future.


The base rate (the rate at which the bank of England lend to financial institutions) is at a historic low only 0.5% at the moment. How much your bank or building society charges for the loan made to you is a function of this base rate and at the moment this low interest rate makes borrowing cheap and thereby attractive. As you borrow ask yourself what happens when the base rate rises and consequently your lender increases the interest charged making your repayments higher. Would you still be able to afford your loan without a pay rise which is not guaranteed. 

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