What is a mortgage?

A mortgage is a legal charge over the property you purchase, effectively a loan secured against the property which means the lender will be named on the title deeds as having a financial interest in the property. The mortgage gives you the finance needed to purchase the property, and all the while the mortgage is outstanding, the lender’s charge allows them to repossess and sell the property to recoup their monies in the event that you get in to arrears which cannot be resolved.