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Introduction to Home Ownership and Mortgages

This course will introduce you to the basics of property purchase, with a particular emphasis on the place of mortgages in that process. First it describes the role that mortgages play in the wider economy. Then it focuses in on the different lenders in the market, the different types of mortgage customer and the different types of mortgages available. It also describes how lenders decide whether or not to lend (the question of affordability), how they set their interest rates and how these are applied.

The course will help you make the connection between mortgages and insurance. This covers both insurance products that the lender may insist on, like buildings insurance, and those that will protect your home if repaying the mortgage becomes difficult.

Finally, through this course you will learn about the different players in the property market, focusing in particular on mortgage advisers, but also estate agents, valuers and surveyors and conveyancers/solicitors. You will learn how a mortgage adviser can help someone find the right mortgage for them and the particular skills and knowledge they need to do this.

Who is the course for? 

This course is designed for anyone who wishes to better understand the process of buying a property, particularly through using a mortgage. This course is an ideal introduction to property purchase and mortgages for new starters or those aspiring to a career in property.

What are the learning outcomes?

At the end of this course, you will be able to:

  • Describe how the mortgage market fits into the wider economy.
  • Explain why mortgages are used and how they are agreed.
  • Describe how interest on a mortgage is calculated and how the loan is repaid.
  • Explain the different types of mortgage products.
  • Describe the different types of lender and borrower.
  • Explain why it is important to protect the ability to repay the mortgage and how this is done.
  • Explain why mortgage providers require property to be insured and what that insurance covers.
  • Explain how mortgage advisers help connect people with the right mortgage product and lender.
  • Explain the house-buying process and the role of the estate agent.
  • Explain why the property’s value and condition are important in the agreement of a mortgage.
  • Explain the legal aspects of mortgages and the house buying process.
  • Describe the role of the conveyancer or legal representative in the property buying process.

How is the course delivered?

  • Two study hours per week for four weeks.
  • The course is delivered, free of charge, via the FutureLearn platform.

How is the course assessed?

The course includes a number of self-test questions within it. An assessment is also available each week, but this has to be paid for (the course itself is free of charge if completed within the four-week enrolment period). Details on how to upgrade your enrolment on FutureLearn to receive the assessment is included within the course.

Will I receive a completion certificate?

If you wish to receive a certificate, you must complete 90% of the course steps and all of the assessments (which will require you to upgrade your enrolment beyond the free-of-charge level).

What can I study next?

If you are looking to further your knowledge after completing this course, explore our Mortgage Advice and Equity Release qualifications on the Society of Mortgage Professionals website.