Buying a home - getting started
Usually, when you buy a home you need to take out a mortgage. A mortgage is a legal agreement between you, the borrower and the lender. Under this legal agreement, the lender agrees to lend you a sum of money to buy your home, and you agree to pay it back, usually by monthly repayments. You, also pledge (promise) your home as security for the loan. This means that if you fail to pay, the lender could take legal action and repossess the property.
Most lenders require you to have a deposit in order to buy a home, usually at least 8% of the purchase price. Some lenders require a higher deposit, perhaps 20% of the purchase price.
Buying a home will probably be the single biggest financial decision you will ever make, and the longest financial commitment you will ever enter into. So it is important to choose the right mortgage and provider.
To help you get started, this section has information on: