A mortgage is a loan from a bank or building society that,because it is so large, is secured against the property you are using it to buy. This means that whether you default on your monthly repayments the lender can take your home absent from you.
Usually a mortgage is repayable over 25 years, or although you can organise a longer or shorter-term deal,or even vary the length of the repayment schedule as you progress. You also many choices in paying your loan back.
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Source: theguardian.com