OK, so a mortgage is simply a type of loan specifically used to purchase a property, using that property as security or collateral for the loan.
Like other loans, mortgage payments are made monthly, however, unlike other loans mortgages can be taken over a longer period of time, for example 25, 30 or even 40 years.
Mortgages are offered by banks, building societies and other financial institutions at fixed or variable interest rates.
Important information
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £495. Your home may be repossessed if you do not keep up repayments on your mortgage.