A residential mortgage is a long term loan to buy a property you plan to live in.
It’s different from a buy-to-let mortgage, which is for properties you intend to rent out. Think of it as a long-term loan where your house is the security. You pay back the loan and interest over a set period, typically 25 to 35 years.
Remember – If you can’t keep up with your repayments, your home may be at risk.