Lisa Chadwick

First Time Buyer’s Guide

What is a mortgage?

If you’re looking to buy a home, you’ll probably need to apply for a mortgage.

It’s a loan which is secured against the value of the property.
The mortgage will either be:

  • a repayment loan, where you pay back a proportion of the loan plus interest each month; or
  • an interest-only loan, where you pay the interest on the loan each month but not the loan.

With interest-only loans, you need to have plans in place showing how you’ll pay back the amount you borrowed when the mortgage ends.

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Financial Services Authority