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What is a Mortgage?

Mortgage is borrowing from a lender to pay for your property purchase. Like any other type of loan, you make monthly repayments to pay off the capital you’ve borrowed as well as the interest charged.

There are some mortgages which are interest-only rather than repayment mortgages. Interest only is where you only pay interest back each month, and you don’t repay the capital lump sum borrowed until the end of the mortgage term.

The amount of interest you will pay on your mortgage depends on the which deal you choose to take. The bigger the deposit you put down, the better the mortgage rates you will be eligible to apply for.

When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). The LTV is basically the size of the mortgage you are taking out to the value of the property.


For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).

Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market.

Free Expert Advice

We compare every lender in the marketplace, which means we can access lenders who only deal directly with qualified advisers.

Our qualified advisers, so you can be sure that you are receiving the best impartial advice.

We promise that you won’t be passed from pillar to post. One of our qualified advisers will deal with your application from start to finish.

Your initial consultation is completely free. We will only charge you a fee if you decide to proceed with your application.

Call us on 01933 448005

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