The Basics

What is a mortgage?

A mortgage is like any other kind of loan – you borrow money, and you pay it back with interest over a period of time. But it has one key difference: it’s secured against your home. So if for any reason you can’t repay it, the bank or building society can sell your home to recover the loan

How mortgages work

  • You take out a loan based on how much you can afford and the value of the property, for a length of time agreed between you and the lender.
  • You are charged interest on the loan, usually based on the Bank of England base rate which is reviewed monthly.
  • You pay the mortgage back in one of two ways, repayment or interest-only– see the Types of Mortgages’ section.
  • You can choose different deals for your interest rate, such as fixed or discounted – see the ‘Types of interest deals’ section.

    • You can choose to pay your mortgage back in the following ways:

  • repayment
  • interest-only; or
  • a combination of the two.

    • You'll need to decide which is best for you.


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    Hanson Wealth Management Limited is an appointed representative of Sage Financial Services Limited, which is authorized and regulated by the Financial Services Authority. Sage Financial Services Ltd is entered on the FSA register under reference 150452. The information contained within this site is intended for UK consumers only and is subject to the UK regulatory regime.
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