Repayment Mortgages - A repayment mortgage allows you to pay off a bit of interest and a bit of capital on a monthly basis. In most cases this will be for a period of about 25 years and at the end of the term you will own the property outright. Some products offer flexible options which may enable you to make overpayments and take payment holidays. If you are able to make overpayments this may enable you to pay the mortgage off earlier and will result in you paying less interest.
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When deciding what mortgage to apply for it is important that you compare on a like for like basis. Products will carry different application fees, arrangement fees, early redemption charges and other administration fees. Be sure to read the small print before making your decision.
Repayment Mortgages