Residential Mortgages

Residential mortgages are loans provided by lenders to individuals or households to finance the purchase of residential properties, such as houses or flats. These mortgages are specifically designed for personal, non-commercial use.

Here are some key aspects of residential mortgages:

  1. Purpose: Residential mortgages are primarily used to facilitate homeownership. They allow individuals to borrow a significant portion of the property’s purchase price and repay it over an extended period, usually through monthly installments.
  2. Loan Amount and Repayment: The loan amount for a residential mortgage depends on factors such as the property’s value, the borrower’s income, credit history, and the lender’s criteria. The borrower agrees to repay the loan over a specified term, typically ranging from 5 to 40 years. During this time, the borrower makes regular mortgage payments, usually including both principal (the loan amount) and interest.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.