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| | Mortgages Explained. A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property. The money is then paid back to the Lender over a fixed period of time together with accrued interest. A mortgage is usually acquired from a lender to buy residential property. However it is becoming increasingly popular for existing homeowners to switch mortgage lenders without moving home - this is known as remortgaging. Not all mortgages run over a fixed term. Flexible mortgages allow the borrower to pay the mortgage off early or in some cases late. With a flexible mortgage the borrower may also be able to make early payments, take payment holidays and even borrow back some of the home loan. Getting the best mortgage deal In recent years the number of different mortgage deals available has increased, creating a multitude of different mortgage options. These include a number of different repayment options, interest rates and incentive offers. This increased choice of mortgages has caused remortgaging to increase in popularity in recent years. With mortgage lenders offering introductory incentives and interest rate discounts borrowers are now starting to treat mortgage lenders much more like gas and electricity suppliers - Shopping around carefully in order to make massive long term savings. How to choose a mortgage ? With all these mortgage options available its difficult to choose the right deal for your circumstances unless you are an expert. An online mortgage resource is a good place to start. You can compare the different mortgage lenders and brokers, apply online, and find out what all these new available mortgage options are. Just use the information bar on the left of the page. Mortgages are now available for people wishing to buy to let, people with no deposit wishing to buy a home, people with adverse credit history, people who already own a home and want to switch lenders and of course your average home movers and first time buyers. NEXT - About mortgage types Mortgages explained | About mortgage types | repayment mortgage | endowment mortgage | interest only mortgages | how much can I borrow ? | mortgage payback rates | variable rate mortgages | fixed rate mortgages | capped rate mortgages | discounted rate loans | remortgages | first time buyers | buy to let mortgage | commercial mortgages | mortgage costs | glossary of terms | mortgage FAQ's | |
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