A mortgage is a type of loan that’s used to buy a property. The property acts as security for the loan, so it could be repossessed if you can’t meet the repayments.
When you apply for a mortgage, you need to put down a deposit. This will be a percentage of the cost of the property value.
The rest of the money you’ll need to buy your new home is covered by a mortgage.
There are different types of mortgage rates, different types of repayment options and a choice of terms to repay the mortgage over. You might find it helpful to speak to an adviser or broker to help you decide what mortgage is best for you.