A mortgage is a loan you take out to buy property. You can get a mortgage direct from the lender (banks, building societies and specialist mortgage lenders), or you can use a mortgage broker. Most banks and building societies offer mortgages.There are also specialist mortgage lending companies. If you change lenders but don't move home it's referred to as a remortgage.
Every month, you have to pay for a mortgagee an equal sum that always includes principal and interest. The principal is the amount that is applied towards the original loan amount and the interest is amount the lender is charging you to borrow the money.
Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your plans and your financial situation.
The term mortgage comes from the Old French dead pledge, apparently meaning that the pledge ends either when the obligation is fulfilled or the property is taken through foreclosure.
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