What is a mortgage?

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

You then pay the lender in monthly instalments, plus interest, over a set number of years. 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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