How do mortgages work?

Indeed, sir, a mortgage is much like a long-term agreement between you and a lender, typically a bank or building society, where they provide the funds to purchase a property, and in return, you agree to repay that loan over many years. The process usually begins with an application, during which your income, credit score, and the value of the property are assessed. Once approved, you'll pay a deposit (often 5% to 20% of the property's price), and the lender will lend you the remaining amount. You then make regular payments, typically monthly, which include both principal and interest. Over time, as you continue these repayments, the amount you owe decreases, and eventually, the mortgage is fully paid off, making you the proud owner of the home.