A mortgage is a type of loan specifically designed to facilitate the purchase of real estate, such as a home or a piece of land. It is typically offered by banks, credit unions, or other financial institutions.
What other types of mortgage?
Bad credit mortgages are designed for those who have had financial difficulties in the past. Here is how to get a mortgage with bad credit.
100% mortgages, or mortgages with no deposit, are not offered unless you have a guarantor named on the mortgage too. However, it can still be possible to get on the property ladder if you have a very small deposit saved; this guide explains how.
Self-employed mortgages are for those who run their own business or have an income that is hard to prove to lenders. Compare self-employed mortgages.
Commercial mortgages let you buy property for your business or as an investment. Here is how to get a mortgage for your business.
Mortgages for older borrowers could accept you even if you are over the maximum age specified by most lenders; here is how to find one.
Mortgages for specific purposes
Buy to let mortgages let you purchase a property you intend to rent out to someone else. Compare buy-to-let mortgages.
Second mortgages let you purchase a property other than your main residence, like holiday homes or investment properties. Compare second mortgages.
Lifetime and equity release mortgages give you cash in return for equity in your home, which is paid back when your home is sold. Compare equity release mortgages.
Commercial mortgages let you purchase property used by businesses.
Bridging loans also let you borrow using your property as security. These can be used to buy another property, or refurbish a property, or even act as a short-term mortgage or ‘bridge’ while you are waiting for the sale of a property to go ahead.
