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Mortgage Information - Repayment Mortgages


Repayment Mortgages - Mortgage Information


What is a Repayment Mortgage?

Their are two types of mortgage: repayment and interest only.

With a repayment mortgages the entire mortgage is paid back over an agreed period of time (this is referred to as the mortgage's term and is usually set at 25 years). When the mortgage's term has come to an end, providing all the repayments have been met, the property will be in the hands of the homeowner.

With an interest only mortgage, repayments are made solely on the mortgage's interest. This means that once the mortgage reaches the end of its life, the homeowner must still repay the lender the entire value of the initial loan.

Deciding which mortgage is best for you depends on a few factors, which is why it's important for you to do your financial homework first. Repayment mortgages are regarded as the safest option, hence their appeal to the more cautious investor. They are certainly much easier to understand and you should have no trouble working out your monthly incomings and outgoings.

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before making any important decisions about your finances.