Mortgages are a type of loan used to purchase a property. They are typically secured against the property itself and are paid back in installments over an agreed period of time, typically 25 years. When taking out a mortgage, you agree to pay the lender a fixed sum of money each month and in return, they will provide you with the funds to purchase your property. Interest is added to the amount borrowed and must be paid back alongside the original sum. At the end of the term, the property should be fully owned by the borrower. Mortgages are a great option for those looking to purchase a property and require a large amount of money, but they must be paid back in full, with interest, within the specified period of time.