Most people need a mortgage in order to buy their first home. A mortgage is a loan you take out from a mortgage lender (bank or building society) to help pay for a property. A first loan secured on the property is called a mortgage.

The mortgage loan is made up of two elements:
      • The capital – in other words, the amount of money you borrowed to buy your property, and
      • The interest– the amount (depending on the interest rate) the mortgage lender charges for lending
        you the money.

Mortgages are now available for people wishing to buy to let, people with adverse credit history, people with no deposit wishing to buy a home and of course home movers and first time buyers. There are usually hundreds of products to choose from.

The mortgage will be for a certain length of time (a term). Commonly on a new mortgage the term chosen is 25 years. The interest rate paid is dependent on the product chosen – a common example is a 2 year fixed rate. It is usually prudent to take another product after the initial interest deal ends – remortgage.

Smart Money can help you find the best deal whichever type of mortgage you are looking for and we have access to exclusive deals that are only available to professional mortgage advisers.