Owning your own home is one of those properly grown-up things that becomes increasingly more important as your thirties looms closer. Most people cannot afford to buy a home outright, even after ten or fifteen years of working hard and saving as much as possible, so they must apply for a mortgage.
The word mortgage comes from the Latin which translates to 'death pledge.' The word comes from owing an obligation so vast that it could not be settled during a lifetime, so that, in effect, the debt was considered settled only when the debtor died. These days mortgages are not quite so punitive, but often can run for very long periods of time. Halifax offers mortgages that can be as short as one year in duration, or as much as 40 – although you must be under 75 at the expiration of this term – which gives would-be home-owners a great deal of choice in how long they will be paying back the home loan. In general, mortgages run for 25 to 30 years, and often require a deposit of 10 to 50 percent of the value of the home to be put down first.
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