What Is A Residential Mortgage? (1)

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What Is A Residential Mortgage?

• A residential mortgage is a large loan designed
  to assist one or more individuals to purchase a
  property to live in. The property must be used
  as a home by those taking out the mortgage, so
  you wont be able to purchase the property to
  rent out to tenants or use for commercial goals.
• Residential mortgages can be carried out by
  first-time consumers, those moving home, or
  those looking to remortgage. Residential
  mortgages are guaranteed against your property
  which means that if you are consistently unable
  to keep up with your mortgage repayments, your
  lender has the legal right to repossess your
  home. Finally, this indicates you could be forced
  to sell your home so that the lender can recoup
  its money, but this is usually a last resort.
• The length or term of a residential mortgage is
  generally 25 years, but mortgage terms are
  slowly getting longer, with more individuals
  opting to take out a mortgage over 30 years or
  more.