A mortgage is a loan taken out to buy property be it a house, flat, bungalow or land. The mortgage is "secured" against the value of your home until the balance is paid off in full. Mortgages run over a period of a number of years, known as the 'term', which is often around 25 years but this can vary depending on individual circumstances.
You will be charged interest on the money you borrow. The higher the interest rate is on the mortgage, the more money you will have to pay in interest. The quicker you pay off your mortgage, the less interest you pay. You should carefully consider your circumstances before taking out a mortgage as failure to keep up with repayments may result in your home being repossessed.
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