A mortgage is a loan specifically used to purchase real estate. In the UK, it is a financial agreement between a borrower and a lender, typically a bank or building society, where the property serves as collateral until the loan is fully repaid.

The deposit required for a mortgage in the UK can vary, but it is commonly around 5-20% of the property's purchase price. Some lenders may require a higher deposit for more favorable mortgage terms.

A fixed-rate mortgage has a set interest rate for a specified period, providing stable monthly payments. A variable-rate mortgage, on the other hand, has an interest rate that can fluctuate based on market conditions, potentially affecting monthly payments.

Lenders assess affordability based on factors such as income, regular expenses, credit history, and the amount of deposit. They typically use the "affordability stress test" to ensure borrowers can manage repayments even if interest rates rise.

The Help to Buy scheme is a government initiative designed to assist first-time buyers and existing homeowners in purchasing a property with a smaller deposit. It includes different schemes, such as equity loans and shared ownership.

Many mortgages in the UK allow borrowers to make overpayments without penalties. Overpaying can help reduce the total interest paid and shorten the loan term. However, there might be limits on the amount or frequency of overpayments.

The mortgage process involves several steps, including application, affordability assessment, property valuation, and legal processes. It's advisable to seek the services of a mortgage broker or financial advisor to navigate the complexities.

A mortgage agreement in principle (AIP) is a preliminary indication from a lender of how much they might be willing to lend based on an initial assessment of your financial situation. It is not a guarantee of a mortgage but can be useful when house hunting.

Missing a mortgage payment can have serious consequences, including late fees and a negative impact on your credit score. It's crucial to communicate with your lender if you're facing financial difficulties to explore potential solutions, such as payment holidays.

Yes, homeowners in the UK can remortgage, which involves switching from one mortgage deal to another, either with the same lender or a different one. This is often done to secure a better interest rate or to release equity from the property.