If someone asked you explain what a mortgage is, could you do it?
Could you explain the different types, interest rates or conditions?
64% of people in the UK have taken out a mortgage or personal loan without understanding how it works, according to a report by money.co.uk last year.
A further survey by Confused.com highlighted how 62.6% of those with a mortgage couldn’t answer questions about them.
Mortgages are complicated. Whether you already have one or are in the process of saving for a home, then it is worth understanding them.
‘A mortgage is essentially a means to obtain finance to buy a property. You will not own the property outright until the mortgage isdeposit from your own means.’
