Mortgage

Most of us do not buy our homes for cash - instead we borrow money to do so.

If you're looking for a home loan, you'll see a variety of offers available, including fixed rate, capped and discount schemes.

You'll also hear references to Endowment, ISA mortgages, pension mortgages and repayment mortgages.

In legal terms, a mortgage is a deed pledging freehold or leasehold property as security for a loan. The lender advances money and receives certain rights, including the authority to sell the property if repayments are not maintained.

Back to Jargon Buster