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from a lender - such as a bank or building society - for the purchase of a property and that property forms the security for repayment of the loan. So if the borrower can't repay the loan, the lender has the right to repossess the property and sell it to recover the money it has loaned.
Where can you get a mortgage?
Mortgages used to be the sole preserve of mutual societies, such as building societies and Friendly Societies, which were set up for the benefit of their members. These societies encouraged people to save before advancing them money for their homes.
Nowadays, you can get a mortgage from banks, building societies, former building societies which have converted into public limited companies, insurance companies and finance companies. The lender you choose is up to you but
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