Residential Mortgage

A residential mortgage is a loan that can be used to buy a home. Mortgagees must use the property as their primary residence. You won’t be allowed to rent the property out to tenants or for commercial purposes.

First-time buyers, as well as those who are looking to remortgage their homes, can apply for residential mortgages. A bank or building society will lend you money that you can use to buy your home. The mortgage loan will be repaid in monthly instalments over a set term, plus additional interest.

Your home is secured by residential mortgages. If you fail to make your monthly payments, your lender can legally take possession of your home. This could mean that you are forced to sell your house in order to repay the lender, but it is rarely the last resort.

The largest and most popular form of credit in the UK is residential mortgages. They allow millions to purchase their homes.

The Office for National Statistics reported that the UK’s average house price was PS270,000 in September 2021. However, there are large regional variations. In London, it was hugely PS507,000.

You will need to borrow money to buy any property you want, regardless of how much you have saved. A residential mortgage is an answer.


 

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