A mortgage is the name for a loan that you get from a bank, building society, or other lender to buy a home. When you have a mortgage, you normally must make two types of payment:
- Capital payments, which pay back the money you borrowed to buy your home
- Interest payments, which pay the cost of borrowing the money
An Independent Financial Advisor will tell you if you can apply for a mortgage. They will also help you work out how much you can afford to spend on a new home. If you can’t apply for a mortgage right now, they will help you plan so you could apply in the future. They also help with pensions, loans and debt
You can find more information, including how to find a financial advisor, from the Money Advice Service.