If you wish to buy a home you may be able to borrow money to do this. The borrower offers the home as security against the loan. The lender has a legal charge against the property, that is, if you do not keep up the agreed repayments, the lender can take possession of the property. This is known as a mortgage. The loan will be for a fixed period and the borrower will be charged interest on the loan.

There are several types of mortgage available. The most common are :-

Repayment mortgage. This is a mortgage in which the capital borrowed is repaid gradually over the period of the loan. The capital is paid in monthly instalments together with an amount of interest. The amount of capital which is repaid gradually increases over the years while the amount of interest goes down

Interest only mortgage. In this type of mortgage your monthly payments to the lender only pay the interest charges. The actual mortgage balance - the amount borrowed - does not reduce.

This means you must repay the capital part of your loan at the end of the mortgage term. To do this, you put money into a separate investment. This should grow and enable you to pay off the mortgage when required to do so.

We at Fast Step aim to provide our customers with the highest level of service and products that meet your financial needs.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your   mortgage.  There may be a fee for mortgage advice. The exact amount will depend on your circumstances, but we estimate it to be     £1500 / 1.5%.