There are differences between a loan and a mortgage. A loan refers to a sum borrowed from a lender, which needs to be repaid over a specified period, typically with interest. Depending on whether security is required, loans might be secured or unsecured.

On the other hand, a mortgage is a specific type of loan used for purchasing property or land. It is secured by the property itself, meaning that if the borrower fails to make repayments, the lender has the right to seize and sell the property to recover the outstanding debt. Mortgages usually have longer terms and lower interest rates than other loan types.

When getting a mortgage, many people seek assistance from a mortgage broker. A mortgage broker acts as an intermediary between borrowers and lenders, helping individuals find suitable mortgage options and guiding them through the application process. Mortgage brokers can provide valuable advice and access to a wide range of lenders, making it easier for borrowers to secure a favourable mortgage deal.