A mortgage is a loan which is taken out to pay the cost of a property. Once the mortgage is obtained it is secured against the property. If the repayments of the mortgage are not paid then this means that the mortgage lenders can take possession of the property.

Mortgages can be obtained from many different types of lenders, with the most common being banks and building societies.

Mortgage lenders will charge interest on the amount borrowed in return for providing the loan. Mortgage payments include the borrowing amount and the interest accrued on that amount. Repayment is made in increments on a monthly basis.

A mortgage broker is someone who specialises in understanding the mortgage market, using their expertise to advise their clients. Their job is not only to know what is going on with mortgages but also to work with their client and get to know their circumstances so they can find the best possible deal to suit their needs.

It might seem odd to use a third party when you can just go straight to a lender and arrange your mortgage with them. However, this can have its drawbacks. Firstly the lender will only provide you with information about their products. This can leave you unaware of better or more economical deals on the market. Secondly this can be a time consuming and often confusing process. A mortgage broker not only looks at the whole market to find you the most suitable deal but they break through all the jargon and are always there to answer any questions you have in a straightforward manner.

This is very dependent on circumstances. Not only do all lenders have their own individual criteria for lending, your financial circumstances including the amount of deposit you have, your personal finances and the value of the property you are looking at all have to be taken into consideration. A mortgage broker helps you to do this, while finding you an option that is affordable for you going forward.

Remortgage is the term used when you change your current borrowing from one lender to another. Mortgage deals have a fixed term and when they end it is good practice to look for the best deal available to you. Switching lender can save you money.

Conveyancing is the legal work involved in buying or selling a property.

While past credit issues don’t necessarily exclude you from obtaining a mortgage, they may narrow the amount of deals available to you. You mortgage broker will always look at your financial history and credit report to help find a deal best suited to your circumstances.