Mortgages

Mortgages are financial debt instruments which would-be home owners use to finance their purchase of a home. Typically, the money is loaned by a bank or building society, although firms which specialise exclusively in mortgage lending do exist also. Normally the prospective home purchaser is required to put up a percentage of the total property price and the mortgage will then pay for the rest. In some cases, though, mortgages for the full value of a property are available. After purchasing the property with the aid of the mortgage, the new owner is required to make regular payments (usually monthly) to pay off the loan. If payments are not made, the lending institution has the option of terminating the mortgage arrangment and assuming ownership of the property.

A great variety of mortgages exists. Some require the borrowers to pay only interest on the initial debt while paying additional money into an investment fund which is eventually expected to produce enough profit to pay off the capital sum and perhaps leave something extra. These are known as endowment mortgages. More conventional mortgages in which the borrower pays for both the interest and the capital at the same time are known as repayment mortgages.

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