A Mortgage is simply a loan made to purchase property or land.
These loans are usually made of 25 years but can be longer or shorter than this.
A mortgage generally has a relatively low interest rate as it is secured against the property or land. In the event of non payment of the loan the bank can take back the property.
*As at 01-2018 **Other Info 2016 and 2017 respectively
Mortgages are the preferred option for purchasing a property over the long term, and will mean you eventually own your own home unlike renting.
Mortgages come with varying rates of interest, with many traditional banks no longer being the cheapest.
Part of the Mortgage process will be to check you can afford to pay the monthly repayments, and you are likely to need a large deposit to put down.
In order for you to access to the best interest rates, an Independent mortgage broker is essential with the big banks and estate agents generally limiting your options.
The right mortgage lender for you could be the difference between getting or not getting your dream house.