The Mortgage Shop - Methods Of Repayment

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Methods Of Repayment

There are two main methods of paying your mortgage – repayment and interest only. You can normally choose from either one of these methods or a combination of the two.

Repayment Mortgage

Your monthly payments include both the interest and capital part of your loan, gradually reducing the balance of your mortgage. It is calculated so that at the end of your mortgage term your mortgage, including interest, is repaid in full.

Interest Only Mortgage

Your payments only cover the interest charged on your loan. The size of the loan remains constant and you arrange some means to repay the loan at the end of the term. Normally an endowment, ISA or pension plan.

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