Mortgages

In legal terms a mortgage refers to the transfer of interest in a property to someone who makes a loan on that property as an asset or collateral against an outstanding debt – although a mortgage is not strictly a debt but the lender’s security in case the person who has the mortgage does not pay the lender. The transfer of interest is made back from the lender to the owner once the mortgage is met. Simply put, if your house is still on a mortgage, in legal and technical terms it belongs to the lender or mortgage company until the terms of the mortgage are complete.

When you want to borrow the money to buy a house you may often be referred first to a mortgage advisor who will go into the details of the mortgage with you. Your mortgage advisor should be properly qualified and bound to adhere to the regulations laid down by the financial services’ authority. For many people, a mortgage is just a fact of everyday life, although there are many different types of mortgage. If you are looking to buy a house or remortgage the one that you are living in then your aim should be to get the best mortgage rate that you can.