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Introduction to Home Ownership and Mortgages

Develop a fundamental understanding of the key aspects of mortgages and the property purchasing process.

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Explore the fundamentals of mortgages and the process of buying a home

As a first-time potential property owner, the process of buying a home can seem incredibly daunting and complex.

This four-week course from the Chartered Insurance Institute provides a clear and simple introduction to the different elements involved in the property buying process.

You’ll learn the ins and outs of how mortgages work and be equipped to handle your property purchase with ease.

Understand the roles of the estate agent, lender, and conveyancer

When thinking about buying a property, many people don’t consider the number of individuals that can be involved in the process. Each person, from the estate agent, to the lender, conveyancer, and mortgage broker, has a very specific role in helping you land the home of your dreams.

You’ll explore the different functions of each individual to understand how they can help you find the right property, secure a mortgage, and handle legal matters such as title deeds and transfer of ownership.

Discover the lending and financing process and how mortgage rates are calculated

Securing a mortgage is one of the most essential elements of the property buying process, and often the most misunderstood.

On this course, you’ll discover the different types of lenders, their approaches, and where to go for help to find the best deal.

Learn about mortgages and the house buying process from the experts

The Chartered Insurance Institute is the home of the Society of Mortgage Professionals and has a long history of providing learning materials on the provision of financial advice and on insurance.

With guidance and support from your expert educators, you’ll be empowered with the confidence and knowledge to secure a mortgage best suited to your needs.

Syllabus

  • Week 1

    Mortgages and their role

    • The industry and the economy

      In this activity we look at what a mortgage is and what it is for. We put mortgages into the contexts of lending and finance and examine how they fit into the wider economy.

    • Features of a mortgage

      In this activity we describe what a mortgage actually is, explain the terms used and start to see how mortgages work.

  • Week 2

    Lenders and borrowers

    • Affording a mortgage

      People take out a mortgage for all sorts of reasons and in this activity we learn how lenders assess whether they are willing to lend to them.

    • Mortgage products

      We have seen that there are different types of customer and different reasons why they want a mortgage. In this activity, we look at the various mortgage products lenders have come up with to meet those different reasons.

    • Lenders

      Most lenders will offer mortgages that meet the needs of most people. But what if you aren’t ‘most people’? Well, then you will need a specialist lender. We discuss all of this in this activity.

  • Week 3

    Protection products and insurance

    • Mortgages and insurance

      In this activity we look at how both lender and borrower can use insurance to protect themselves against the financial loss caused if something bad and unexpected happens.

    • Protecting the person

      A mortgage is usually a large debt and not being able to make the repayments could have serious consequences. In this activity we look at how a person can make sure they can keep making them.

    • Protecting the property

      A mortgage is secured against a property. If it was damaged or destroyed its value may not cover the debt. In this activity we see how both lender and borrower can be protected from the financial consequences of that happening.

  • Week 4

    How to buy a house

    • How to find the right mortgage

      With so many lenders and so many different mortgages it will take a lot of work to find the right one. In this activity we look at a professional who can help us to do this.

    • Finding a property

      So, you want to buy property. How do you find one to buy? Many properties are sold by an agent and it is their role in the house buying process that we will examine in this activity.

    • Assessment of the property

      Given that the property is the security for the loan it is important that the lender is sure that its actual value matches the loan amount. In this activity we discover how they do that.

    • Mortgages, house purchase and the law

      At last we have reached the point of actually buying the property. At this point we will need the help of a legal professional to deal with all the legal and contractual aspects. This is what we will look at in our final activity.

When would you like to start?

Start straight away and join a global classroom of learners. If the course hasn’t started yet you’ll see the future date listed below.

  • Available now

Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll 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 can be done.
  • Explain why mortgage providers require the property to be insured and what that insurance covers.
  • Explain how a mortgage adviser helps 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.

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.

It will also be helpful for those aspiring or starting to work in the property market.

Who developed the course?

Chartered Insurance Institute

The Chartered Insurance Institute is a professional body dedicated to building trust in the insurance and financial planning profession.

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  • Learn at your own pace
  • Discuss your learning in comments
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  • Digital certificate when you're eligible

Buy this course

$74

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  • Discuss your learning in comments
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