Mortgages

A mortgage is the arrangement where a lender, such as a bank or building society gives you a loan so you can buy a house, or another property such as a buy to let. They have...A mortgage is the arrangement where a lender, such as a bank or building society gives you a loan so you can buy a house, or another property such as a buy to let. They have a legal interest in your property and this is usually referred to as a Secured Loan.
The money you borrow is paid back with interest, usually over several years (up to 25). It's what's known as the 'mortgage term'. (See 'Term' below) Mortgages are usually taken out with a bank or building society who are referred to as the lenders. Once the loan is repaid, the lender has no further legal interest in your property.
A remortgage loan is secured against your home just like a mortgage loan. This means that the bank or building society can sell your home if you, for whatever reason, can't afford to continue paying the mortgage payments.