Mortgage - Definition

A mortgage is a loan that is secured by a house or other real estate property. That means if you fail to fully repay the loan, the lender can take the property and sell it in Order to pay off the loan. A mortgage allows you to make payments in installments over a set period of time, such as 15, 20, or 30 years - this is known as the repayment term.

The Financial Services Authority (FSA) regulates the way most mortgages are sold, but not second-charge and most buy-to-let mortgages. This means firms must follow certain rules and standards when dealing with you.

Mortgages are also commonly used to for commercial property, such as offices, factories, retail outlets or building containing multiple units such as office blocks, shopping malls and warehouses. This type of mortgage is called a commercial mortgage or commercial property loan. They are most often taken up by businesses rather than individuals, although individual investors may also purchase commercial property.

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