There's a lot to digest if you're buying a property for the first time, here we will help you work out how much you may be able to borrow and explain the steps involved in buying your first home.
Most people don’t buy their homes outright but take out a mortgage to help them pay for their home. A mortgage is a loan secured against a property for a period of time (the 'mortgage term'). The loan can either be paid back in installments over the mortgage term with interest (a 'capital repayment' mortgage) or the borrower may pay only the interest on the loan over the mortgage term and then repay the original amount borrowed at the end of the mortgage term.' If the borrower doesn't make the payments when required, the lender can seek a court order to take possession of the property and sell it to recover the money it is owed under the mortgage.