What is a Mortgage?

A mortgage is a loan taken out to buy property or land. Most run for 25 years but the termcan be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back.

Who Does What?

Estate Agent

An estate agent is responsible for marketing and selling houses on behalf of the seller. They are the intermediary for the buyer and the seller of a property. It is their duty to promptly show the sellers any offers that they receive. Estate agents are legally obligated to inform the sellers of any other offers from other buyers, up until the contracts are exchanged.


A mortgage lender provides the loan to you based on your individual circumstances and what you can afford. At Monmouthshire Building Society we offer a competitive range of mortgage products, coupled with a personal, flexible approach, to make sure you find the mortgage that’s right for you.

Adviser or Broker

You can either apply for a mortgage directly from your bank or building society, or you can choose to use an independent financial adviser (IFA) or mortgage broker. An adviser or broker will compare different mortgages within the market, however it is important to note that some may not cover the whole market, they may just advise you on a range of different mortgages. Before visiting an adviser or broker you should find out if they charge a fee for their services or if they are paid a commission from the lender. It is also important to only use an adviser who is qualified and regulated by the Financial Conduct Authority (FCA). As part of our mortgage service we are able to assess your needs, provide you with advice and make a recommendation on which mortgage is best for you.

Solicitor or Licensed Conveyancer

Once you have completed your mortgage application and the lender has checked your credit, proof of income and identity you will then need to appoint a solicitor or a licensed conveyancer who will be responsible for all of the legal aspects of buying a property.Whether you decide to use a solicitor or a licensed conveyancer it is important that you check:

● Your solicitor or licensed conveyancer is a member of The Law Society of England and Wales and the Law Society’s Conveyancing Quality Scheme; and/or
● Ensure that your chosen conveyancer is a member of the Council for Licensed Conveyancers.


A surveyor is a key player in the mortgage process as they are responsible for uncovering any potential problems that may affect the cost or value of the property you wish to purchase.

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