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Short of scoring the winning goal in a World Cup Final, the most important thing the vast majority of us will ever do is to buy a home. And to finance what is our largest single purchase, we need a mortgage.
More than simply a loan of a very large sum of money, a mortgage should be regarded as a partnership between you and your lender. It is, after all, the roof over our heads: shelter, that most basic of human needs.
Paradoxically, despite its fundamental role in our lives, the word 'mortgage' is the one word in the English language that's virtually guaranteed to bring on a sense-dulling headache.
Thankfully that need no longer be the case. For here on this site we are providing mortgage pain relief. Let's first consider the question - what is a mortgage?
Essentially, a mortgage is a form of loan used to buy a property. If a mortgage is not repaid, however, a court order for eviction will be sought and the property put on the market to recoup the loss to the lender.
There are two main types of mortgage, interest-only and repayment. Though, with the estimated 7,000-plus mortgage products available in the UK , you would be forgiven for thinking otherwise.
An interest-only mortgage means repaying the lender the interest charged on the sum borrowed. The sum borrowed - or 'capital' in finance-speak - is therefore outstanding for the life of the mortgage, and only gets paid off at the end. Typically, a separate investment, for instance, a stocks and shares ISA, will have been taken out at the start of the mortgage and monthly payments made into this fund to cover the loan. However, there is a risk that this investment may not fully repay the original loan amount as has happened recently with some endowment mortgages.
A repayment mortgage differs in that the amount borrowed is paid off gradually along with the interest it accrues. So long as each payment is met as agreed, a repayment mortgage is guaranteed to be settled in full.
Both types of mortgage are affected by the fluctuations in interest rates, the lower the rate of interest as set by the Bank of England, the lower your monthly payments.
To help users make sense of the white noise that is the world of mortgages, we have put together a comprehensive guide to the major mortgage issues.
Find out what a mortgage calculator is, and how to use it effectively.
Together we'll also consider what look for when selecting a mortgage lender, and whether choosing a mortgage broker is always the best course of action.
And with interest in buying to let intensifying, there's a spotlight on where to find buy to let mortgages.
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