A mortgage, or mortgage loan, is the name given to a loan secured on property. A mortgage is a long-term loan and will run for a fixed period, say 25 years. Most mortgages allow for early repayment or to extend the term beyond the original loan period.

Mortgages used to be issued by building societies and banks, but times have changed. Now, there a wider variety of lenders offering mortgage loans. So, customers ultimately have more choice.

There are different type of loan deals to suit most people’s needs, including first home, retirement or buy to let.

Find out more and book an appointment with an independent adviser here

You only pay back the interest when you make your repayments. So, at the end of your mortgage term you will owe what you borrowed when you took out the mortgage.

Most lenders insist you have addition investment. This is designed to pay back the original amount you borrowed.

The amount you pay each month is made up of capital and interest. Repayments are calculated to repay all of your mortgage, including original loan and interest.

You’re guaranteed to pay off your entire mortgage by the end of the term, provided you don’t miss any payments.

Conveyancing is the legal process behind every house sale and purchase.

A conveyancer deals with things like the Land Registry, transferring funds, stamp duty, contracts, local searches and legal advice.

Stamp duty land tax (stamp duty) is a tax on land and property transactions.

How much stamp duty you pay depends on:

• whether the property is residential
• how much of the property price price falls within each tax threshold

Under current thresholds stamp duty is:

0% for a property valued between £0 – £125,000
2% on the next £125,000 (from £125,001 to £250,000)
5% on the next £675,000 (from £250,001 to £925,000)
10% on the next £575,000 (from £925,001 to £1.5 million)
12% on the remaining amount (above £1.5 million)

You will usually have 30 days from ‘completion’ of a purchase to pay stamp duty.

It is legally your responsibility to pay the right amount. So, even if you use a solicitor during your house purchase, check the amount you have paid.

Your adviser will give you a list of the supporting documentation needed by the lender you have chosen.

Each lender has different requirement. The kind of documents you will need include: three months of payslips; bank statements; proof of identity; proof of address. Proof of deposit; existing mortgage statement (if applicable) and business accounts if you are self-employed are also required.

We will ask you to post us the original documents or attend a meeting with us. Whichever type of mortgage you have chosen, the lender needs us to confirm that we have seen the originals.

We aim to get your documents back in the post to you quickly. So, you shouldn’t be without the originals for more than a few days.

Yes, we do. At A Miller Financial we select the right mortgage for you and manage your application through to completion.