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Mortgage
Personal
WHAT IS IT?
A mortgage is a loan secured against property, usually used to buy a home or other property.
IN PLAIN ENGLISH
It is borrowing secured against the property.
SIMPLE EXAMPLE
If you borrow £200,000 to buy a property, you normally repay the mortgage over an agreed term with interest and other applicable costs.
WHY DOES IT MATTER
The interest rate, term, repayment type and amount borrowed all affect the cost and monthly payment.
THE ROCKET TEST
A mortgage is property-secured borrowing that is normally repaid over many years.
SEE IT IN ACTION
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