A mortgage is a loan which is secured against a property, with the funds usually being borrowed with the primary reason of purchasing the property.
Quite a simple definition, but in reality what does it mean to your average homebuyer? A homebuyer is looking to buy a house, and with the average house price in excess of £230,000, to be able to buy a house most people need to borrow a chunk of the house, but how exactly does it work?