Heron way associates is authorised by the FSA for arranging regulated mortgage contracts, however please note that some types of mortgages eg Buy To Let and some commercial loans may not be regulated by the FSA.

Your home may be reposessed if you fail to keep up payments on a mortgage secured on it. 

A mortgage is a legal document that secures a loan or debt onto a piece of property. Today however it is thought of as the loan.

Heron Way Associates is authorised to arrange residential mortgages by the FSA (with the exception of lifetime mortgages). 

There are many different types of mortgage with complex terms, here are a few of them with explainations

Residential mortgage, this is the mortgage that is secured on your main residence  

Buy To Let mortgage, this is a mortgage that is secured on a property that you let to tennants

Interest Only mortgage, this is a mortgage where you only repay the interest over the term of the mortgage so at the end of the term you will still owe the same amount that you originally borrowed. This type of mortgage is often used where the intention is to sell the property in the near future, or where there is some other way of repaying the capital in the background.

Repayment mortgage, this is a mortgage where you pay interest and part of the money borrowed back to the lender in each monthly payment, so at the end of the mortgage term if you pay all the agreed monthly payments you will owe nothing to the lender.

Lifetime mortgage, this is an interest only mortgage, often with no monthly repayments made to the lender so the interest adds to the original amount borrowed. it is normally repaid on the death of the borrower from the sale of thier property.

Fixed rate, this is a mortgage where the rate and payments are fixed for a pre set time (which can be useful for budgeting ), normally there will be a penalty if the mortgage is repaid within the fixed rate period.

Variable rate, this is where the rate can change, there are many variations of this from 'The variable rate set by the lender' where ther lender changes the rate at thier discression to Trackers where the variable rate will track some independent mechanism eg bank of england base rate.