Article: What Is A Mortgage?
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What Is A Mortgage?
A mortgage is a loan, usually from a bank, finance company or building society to help you buy your home.
A mortgage is a loan, from a bank or building society that is secured against your house or flat. You have to pay back everything you borrow from your lender within an agreed length of time (the mortgage term). You also have to pay interest on what you have borrowed.
A mortgage is a loan you take out to buy property. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies.
To repay the mortgage you either make monthly repayments of interest and capital, or you pay interest only each month then repay the loan at the end of the mortgage term from separate savings or investments.
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