The primary benefit of taking out a residential mortgage is the ability to purchase a property without paying the full amount upfront. This makes homeownership more accessible than it would be otherwise.

To take out a residential mortgage, one must pass specific eligibility criteria, including employment history, credit score and/or income-to-debt ratio. When applying for a mortgage, lenders will look at how much money can be put down upfront (a deposit) and evaluate how much debt already exists.

Another important factor when considering taking out a residential mortgage is affordability. Lenders will assess whether or not you can afford the monthly repayments once all other costs associated with running your home - such as bills, insurance and maintenance – have been considered.

Various types of residential mortgages are available in the market, ranging from fixed-rate deals to variable-rate arrangements, allowing borrowers to make overpayments if their financial circumstances improve. Many lenders also offer incentives such as cashback or free legal advice which can help reduce some of the costs of taking out a residential mortgage.