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Mortgage is the loan you take out to buy a property. It represents a loan or lien on a property/house that has to be paid over a specified period of time. Maybe you can think of it as your personal guarantee that you’ll have to repay the money you’ve borrowed to buy your home. Mortgages are offered by most banks and building societies, as well as specialist mortgage lending companies. You can get a mortgage direct from the lender (banks, specialist mortgage lenders and building societies), or you can use a mortgage broker. You can buy based on ‘information’ only or get advice and recommendation on a mortgage that suits your needs because they come in various shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.

Once you decide on the mortgage you want, you have to do some homework. Different lenders offer different rates, fees and points. Inquire and compare. Understanding the benefits of different mortgage offerings can be a complex process but you must compare mortgages to get the best deal. It is so because taking on a mortgage is a huge financial commitment for most people, which is why it is so important to ensure that you get the right mortgage. Remortgage is what if you change lenders but don’t move home. Remortgages offer a cost-effective means of freeing up cash because you may be able to substantially reduce your monthly mortgage repayments.