A mortgage is a loan you take out to buy your home. It can for any length of time agreed between you and the lender. If you get into difficulties making the repayments and fall into arrears, the lender can, as a last resort, sell your home to get their money back.
You can get information about mortgages on the Money Advice Service website.
Your home is at risk if you do not keep up mortgage payments so don’t overstretch yourself - think about how you would cope if interest rates go up in the future.
You can use the mortgage action plan to help you decide.
This is an area where you might benefit from professional advice. By law, most financial firms in the UK must be authorized by the FSA, the UK’s financial watchdog. So always ensure that you use an authorized firm. You can check whether a firm is authorized by checking the FSA Register or by calling the FSA Consumer Helpline number on 0845 606 1234.
If you want to find a local financial adviser click here and you will be given details of local advisers.
If you are experiencing difficulties paying your mortgage, it may help to talk to a GAIN adviser who can provide advice and support. It is best to take action at an early stage to avoid the risk of your home being repossessed.
Click here to search our database of advice centres across Glasgow or call the GAIN Helpline on 0808 801 1011 Mon- Fri 10am-8pm and Saturday 10am to 2pm. Calls are free from land-lines and most mobile numbers.