A mortgage is a loan product that can be taken out with a bank, building society or a mortgage broker, it is used to purchase a house or property.

There are many types of mortgage, but most essentially involve either a variable or a fixed rate of interest on the account. There are other types of mortgage such as a current account or offset mortgage, which uses the balance of your current account

One can usually borrow up to three times your salary or two and a half times a couples joint salaries. Although often a lender is willing to lend up to five times your salary.

A new kind of mortgage called a self-cert mortgage allows the borrower to self-certify how much they earn, this is a new step that has perhaps lead to some fraudulent applications, but generally helps the self-employed. However, it is likely that you will have to find twenty five percent of the mortgage yourself.