Introduction

Question 1

What is a mortgage?

Answer 1

A mortgage is a loan from a lending agency that is used to purchase a home

Question 2

Where can one receive a mortgage?

Answer 2

Lending agencies such as banks, building societies and local authorities

Question 3

Under what main condition is a mortgage given to an individual by a lending institution?

Answer 3

Under the condition that the title deeds of the property are held by the lending institution until the final mortgage repayment is made

Question 4

When does an individual official own their home in relation to a mortgage?

Answer 4

After the last mortgage repayment has been made