What is a mortgage?

A mortgage is a type of loan specifically used to purchase a house, apartment, commercial unit or land. It's a long-term loan provided by a financial institution, typically a bank or a mortgage lender, to help individuals or businesses buy property.

Mortgages allow individuals or businesses to afford homes or properties they might not be able to pay for in cash up front. They provide the opportunity for homeownership while allowing borrowers to spread the cost over an extended period.

Your home maybe repossessed if you do not keep up repayments on your mortgage or other loans secured on it.

We use cookies for marketing analytics