The biggest loan that you are ever likely to take out is a mortgage. Typically, you will repay it over 25 years, although longer and shorter periods can be arranged. Your mortgage is secured on your home and so if you cannot repay it, the property may be at risk.

A repayment mortgage guarantees that you will repay the sum borrowed and the interest you owe. However, an interest-only mortgage will only repay the interest. You will need to save separately or have some other plan to repay the original sum borrowed.

There is a wide choice of mortgage products available. It is important to understand your options and the commitment you undertake. If you are not sure, a qualified mortgage adviser or broker should be able to help. We urge customers to shop around to find the best product most suitable for them.