Mortgage Loan

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Why a mortgage is very different from a normal loan

A mortgage loan isn't the same thing as a personal loan: it's secured on your property, so if you get into financial trouble you could end up losing your home. It's also a lot more complicated, because there are arrangement fees, valuation fees, sealing fees and other costs to consider.

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A mortgage loan is different from a personal loan or a car loan for three reasons: it's much bigger, it's secured on your property and it's much more complicated. Because your home is the biggest purchase you've ever made, your mortgage is the biggest loan you'll ever sign.

When you take out a mortgage loan, it's secured which means the bank owns your home until the mortgage loan is paid off. Because of this, the lender needs to be certain that the property is worth the selling price, and as a result you can't get a mortgage without getting the property valued. This valuation normally has to be carried out by the lender's approved surveyors. No valuation, no mortgage.

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