There are dozens of mortgage lenders in the UK each offering their own individual range of mortgages.

The choice for the consumer can be overwhelming, leaving many of us more than a little confused.

But with a little basic mortgage knowledge you can make your way through the mortgage maze and find the prefect package for you.

So, first things first - what exactly is a mortgage?

Well, a mortgage is basically a sum of money borrowed from a bank or building society in order to purchase a property.

The money plus accrued interest is then paid back to the lender over a fixed period.

There are essentially two different types of mortgage: the Repayment Mortgage and the Interest Only Mortgage.

We will now look at each of these in turn...

More mortgage questions

What types of mortgage are available and what do all those mortgage terms actually mean?

Should I choose a repayment mortgage or is an interest only mortgage a better option?

And finally, what is a lifestyle mortgage and what levels of mortgage interest rates are available in these difficult economic times?