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Understanding First Time Buyer MortgagesThis is a discussion on Understanding First Time Buyer Mortgages within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; Make sure you fully understand the level of commitment you are considering entering by researching what different rates of interest ... |
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| Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. |
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Make sure you fully understand the level of commitment you are considering entering by researching what different rates of interest means to your bmortgage/b. Also decide whether to opt for a bmortgage/b with a fixed or variable rate and seek b.../b
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| buyer, mortgages, time, understanding |
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