If your buying a property then you are likely to have a mortgage. Mortgages are secured loans that are given by a mortgage lender or mortgage broker. You can have a residential mortgage or a commercial mortgage being over residential or commercial property.

The mortgage lender or mortgage broker is who you would most likely go to see first once you have chosen a house to purchase. They would advise you how much you can borrow and at what rate. Once you have arranged your mortgage with the mortgage lender or mortgage broker they will issue you with a mortgage offer which needs to be provided to your conveyancer when you purchase the property.

Your mortgage offer will be checked by your conveyancer when they are checking the title of your property. They will check the details such as the offer amount, name and address of the property to ensure there are no mistakes.

Your mortgage lender may specify certain conditions that have to be met before they will lend you money. These will be picked up by the conveyancer and communicated with you.

Once the transaction is at an advanced enough stage your conveyancer will request the money from your mortgage lender. When they do this they will give them an assurance that the property is suitable to lend money on.

Once completion has taken place and the mortgage monies have been used to purchase your property your conveyancer will register your mortgage at the Land Registry against the title to your property.

See our secured loans page for information on secured loans