Which mortgage types do you want to know more about? Are you confused about various vocabulary in the financial world? We are soon going to update this section and give you way more info about repossessed mortgages.
Mortgage phrases to discover:
- Borrower: The one borrowing money from the bank.
- Endowment payment: When a mortgage is paid off with a lump sum just before the conctract ends.
- Lender: The one lending out money to a customer. Usually a bank or financial institute.
- Mortgage term: The amount of years the agreement is written on. Usually, 25 years, but any period between 5-30 years can normally be agreed upon.