A mortgage is a loan taken out on a property, in the case of a
UK mortgage
this can mean a flat, apartment, house etc... be aware that
a UK mortgage does not cover non real estate loans, a car loan, for
example. A UK mortgage is usually repaid to the lender over a period
roughly covering 15-30 years. The lender profits from interest paid
on the loan. Regarding UK mortgages, this interest can be fixed, capped
or variable and this is a very important point which must be clarified
before committing to a UK mortgage. Most typically the mortgagee pays
a downpayment of around 5%-10% on the property and the lender provides
the remainder. The UK mortgage market does include 100% mortgages, though
these will only be available to customers whom the lender considers to be
in a very secure position. Repayments are made on a monthly basis. As is
the norm with
UK mortgages,
should the mortgagee fall behind in repayments and default on the loan,
the lender can repossess the property and the mortgagee is evicted.
Go to the UK Mortgage Comparison tables
Read more on UK Mortgages:
» UK Mortgages
» Where to find UK mortgages
» Which UK mortgage is best for you?
» How to choose a UK mortgage?
» What is a UK mortgage?
» UK mortgages and the first time buyer
» Remortgaging on the UK mortgage market
