A mortgage is a type of loan used to buy or refinance property, where the property itself is used as security. While most people associate mortgages with buying a home, they’re also common in commercial property, land purchases, and investment deals.
The loan is usually repaid in monthly instalments over a set period – most commonly over 25 to 30 years – and agreed with a bank or specialist lender. If repayments aren’t made, the lender can take legal action to repossess the property to recover what’s owed.
There are several types of mortgage depending on the individual's circumstances and property type, such as residential, buy-to-let, or commercial. Each comes with its own risks, terms, and requirements – so you should always seek sound legal advice before signing anything.
At GloverPriest, we understand navigating the law can be a difficult task to take on alone. That’s why we created this comprehensive guide to help promote information for everyone to use.
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