Mortgages

Mortgages. Most of us don't buy our homes outright for cash - instead we borrow money to do so. There are no shortage of choices when it comes to deciding what 'flavour' of mortgage will suit you. The main types are repayment and interest only

If you're looking for a home loan, you'll see a variety of offers available, including fixed rate , capped and discount schemes, which're sometimes referred to as low start

You'll also hear references to ISA mortgages , pension mortgages and even LIBOR-linked mortgages

In legal terms, a mortgage is a deed pledging freehold or leasehold property as security for a loan. The lender advances money and receives certain rights, including the authority to sell the property if repayments are not maintained.

Your mortgage offer document sets out the details of the home loan. Our mortgage rates are updated daily.See Also: Mortgage Centre and Mortgage comparison Service for the latest facts and figures.

Last Updated: January 2008 © Moneyextra.com

Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.