3. Getting a mortgage

Most people will need a mortgage to help them pay for a property. A mortgage is a loan for a fixed period, which is secured on your property. If you do not keep up your repayments, the lender can repossess your property and sell it.

Interest is charged on the amount that you borrow and it is best to speak to an independent financial advisor to help you choose a mortgage.

The different types of mortgage include:

• repayment mortgage
• endowment mortgage
• pension mortgage
• Islamic mortgage.

Where to get a mortgage

Mortgages are available from many different places, including:

• building societies
• banks
• specialised mortgage companies.

The internet is a good place to start looking for a mortgage. Many websites allow you to compare different mortgages.