Many property buyers in Scotland simply don't have enough cash sitting around to purchase a property without taking a loan. The most common form of loan that property buyers in Scotland take is a mortgage. But what are the different types of mortgage: interest only vs. capital repayment, variable rate vs. fixed rate, and what happens if you don't pay your mortgage?

When somebody with a mortgage doesn't keep up repayments on their mortgage, they will be in breach of the agreement that they entered into with their lender. The lender, to recover the money that they have lent to the borrower, can insist that the property is sold. The process of the lender taking full control of the property with a view to selling it is commonly known as 'repossessing' the property. Properties that have been so 'repossessed' by the lender are commonly known as 'repossessions' or more colloquially by some people as 'repos'. So how does a repo happen and are they the bargains that some people think?