Mortgages are a popular and well known form of borrowing. As with secured loans you borrow money with a property as security. The difference with Mortgages is that you borrow the money to purchase the property in the first place or in the case of re-mortgages when you want to either take advantage of special offers or you want to increase borrowing to release equity.
The amount you can borrow depends on several factors including your income, the level of deposit you have (typically 5-10% for first time buyers) and the value of the property. You can apply for one from a bank, building society and Mortgage brokers. Your interest rate will normally be linked to the Bank of England Base Rate and will depend on the same factors including your credit score.
More on Mortgages and Re-mortgages....
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