Mortgages

Simply put a mortgage is a type of loan taken out in order to buy a property. This means like standered loans, you will be charged interest rates and inevitably payback more then the intitial mortgage.

If you are very lucky and already have the money needed to buy a house then you will not require a mortgage.

No matter what mortgage scheme you use, you will require at least a 5% deposit.

Make sure you get a mortgage certificate off your lender to show you have a mortgage in principle. Estate Agents will probably ask to see it.

There are three choices for a first time buyer in regards to mortgages.