Purchasing your first home can be both intimidating and overwhelming. At Buying Mortgages.co.uk we want to make this process as easy as possible for you, so we’ve created this handy guide to help you find out what a mortgage is.
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Your Guide to Buying UK Mortgages
Let us make your dream home a step closer.
What is a Mortgage?
More about UK Mortgages
What is a Mortgage Rate?
This is the rate of interest charged by your mortgage provider on your mortgage.
What is Mortgage APR?
APR is short for annual percentage rate & shows you the annual average interest rate over the whole mortgage term.
What is equity?
Equity is the difference between what your home is worth and how much you owe on it.
What is Shared Ownership?
If you can't afford to buy a property outright, it allows you to buy a share of a home & pay rent on the rest.
What is a Tracker Mortgage?
This is a variable rate mortgage which usually tracks the Bank of England's base rate.
What is a Buy-to-Let Mortgage?
This is the mortgage you need when you buy a property for people to rent.
First Time Buyer house purchases (in £millions)
46,700
2015
2015
45,000
2014
2014
36,100
2013
2013
27,500
2012
2012