What is a mortgage?
A mortgage is a loan you take out to buy property, the loan is secured against the value of your house until it is paid off. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies. If you change lenders but don't move home it's referred to as a 'remortgage'.
Repayment methods
The two main ways to repay your mortgage are 'repayment' and 'interest only'. With a repayment mortgage you make monthly repayments for an agreed period (the 'term') until you've paid back the loan and the interest.
With an interest only mortgage you make monthly repayments for an agreed period but these will only cover the interest on your loan. You'll normally also have to pay into another savings or investment plan that'll hopefully pay off the loan at the end of the term. Please note United Mortgages NI does not provide investment advice
Interest Rates
You'll also find a range of interest rates to choose from. For example, 'variable' and 'tracker' rates change with Bank of England rates, 'fixed' rates are fixed for a set number of years.