What is a 'Mortgage'?

Put simply, a mortgage is a loan that you can use to buy a property with. Once you have your deposit, the rest of the fee can be paid by using a loan from a bank or building society. 

The mortgage will set out the terms of how you will repay the loan, for example, the period of time over which you’ll pay the money back, and the rate of interest a lender will charge you for the loan.

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