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Mortgages are loans which are intended to help buyers purchase residential property. When you take out a loan, the lender charges interest: the same is true of a mortgage.
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If you're over the age of 55, equity release offers you a way to use the value of your home to raise money.
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If your lender goes out of business, your mortgage will be sold to another lender. Your terms and conditions should remain the same, but you’ll make your payments to the new lender.
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