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So you’re looking for the perfect mortgage. But how do you choose from several thousand that are available?
To start with you need to understand the various different types. A mortgage is simply a loan, secured on the value of a property, which you pay back over a given period of time. “Secured” means that if you don’t keep up with payments, the lender has the right to take legal proceedings to sell your property in order to recover their money. In reality, events rarely get this far, especially if you contact your lender as soon as you find you are having difficulties. The usual term of a mortgage is 25 years, but it can be over longer or shorter periods depending on your own circumstances. The initial amount you borrow is called the capital, and there are two main ways of paying this amount off. These are covered below. You also need to pay interest on the capital you borrow.
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