Mortgages

A mortgage is typically the name given to a loan secured on property. It is usually used to buy a home although it is becoming much more popular to consider a new mortgage (where the propety is already owned) to take advantage of a more competitive mortgage product or to raise capital.

A mortgage is a long-term loan which normally runs for a fixed period of typically 25 years. Most mortgages are now flexible and allow for early repayment or, if your situation changes, the term can be extended beyond the original fixed period.

Nowadays there are mortgages to suit most people's needs, whether you are buying your first home, a retirement cottage or perhaps an investment property.

Make sure you always read and understand any information provided to you about the mortgage or mortgages you are considering applying for.If you need further advice always ask the lender and they will be able to explain things in more detail.