What is a mortgage?

A mortgage is the contract between you and the lender that enables you to get a loan to purchase a property and sets out the terms of how you will repay this. 


This will include all your personal details, covering things like: the term (the period of time over which you'll pay the money back) and the interest rate (the rate of interest the lender will charge you for the loan) and any conditions before they will release the funds such as repaying loans on other property or requiring any adult occupiers e.g. not on the legal title to postpone any rights or interests they may have in the property to those of the lender.  



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