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What is a Mortgage?

A mortgage is a type of loan specifically designed for purchasing real estate, such as a house or a piece of land. When you take out a mortgage, a lender, typically a bank or a mortgage company, provides you with the funds needed to buy the property. In return, you agree to repay the loan over a set period, usually spanning several years, through regular payments that include both capital (the amount borrowed) and interest (the cost of borrowing). The property itself serves as collateral for the loan, meaning if you fail to make payments as agreed, the lender may take possession of the property through a process called foreclosure. Mortgages enable individuals and families to become homeowners by spreading the cost of purchasing a home over time.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some forms of Buy to Let Mortgages and Commercial Finance are not regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate commercial finance and some forms of buy to let mortgage.

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The History of Mortgages

Ancient Times: The Beginning

In ancient civilizations, including Rome and ancient India, early forms of mortgage-like arrangements were used where land could be used as security for loans.

The Middle Ages: Land as Collateral

Feudal societies in medieval Europe saw the use of land as collateral for loans. If a borrower failed to repay, the lender could seize the land.

17th Century: Formalized Mortgages

The concept of a formalized mortgage began to emerge in England, with borrowers conveying an interest in their property to a lender as security for a loan.

18th Century: The Name 'Mortgage'

The French term "mort-gage" came into use, reflecting the idea that the pledge (property) would be dead to the borrower if the loan wasn't repaid.

Also 18th Century: Welsh Influence

In Wales, mortgages were frequently tied to farmland, with the Welsh term "morgais" becoming synonymous with mortgages, influenced by the agrarian society.

19th Century: Industrialisation - 'Urban Housing'

Industrialisation in the UK led to a shift in mortgage dynamics, with urban property gaining prominence alongside rural holdings.

1930s: The Great Depression

The Great Depression led to the creation of housing agencies, with a focus on affordable housing in both rural and urban settings in the UK.

1930-1980s: The Evolution

During the 1980s, the "Right to Buy" scheme enabled council tenants, including those in Wales, to buy their homes, enhancing homeownership accessibility.

The Early Noughties: The Boom

The early 2000s saw a housing boom in the UK, with rising property values and various financial products emerging to meet diverse buyer demands.

2008: The Financial Crisis

Mortgage regulations in the UK were tightened post-2008, with significant implications for both urban and rural property markets in Wales.

Now: The Present

The current mortgage landscape in Wales and the UK is shaped by the COVID-19 pandemic and the ongoing conflict in Ukraine, impacting markets and lending practices.

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