In most cases, you need to borrow money for your first home in the United Kingdom. So, residential mortgages are the standard way to secure that.\r\r A residential mortgage is a loan to support one or more persons to buy a home to live there. You must use the property as a residential without the opportunity to rent it out to tenants or for commercial purposes.\r\rLenders propose residential mortgages for first-time buyers, those moving home and looking for a remortgage.\r\rUsually, you will repay a mortgage with added interest in monthly instalments. If you take an interest-only mortgage, lenders charge only interest during all terms and a lump sum paid at the end.\r\rSecure a mortgage against the property. If you cannot keep up with mortgage repayments, a lender has the legal right to repossess your home.\r\rA lender can recoup its money and force you to sell your home as a last resort.\r\r A typical mortgage is about 25 years. Nowadays, mortgage terms are getting longer for 30 years or more.\r\rBe aware that many lenders have an upper age limit of 75 at the end of the mortgage agreement, and if you're 65, you would have to agree to repay your mortgage over a 10-year term.