Repayment Mortgages
Repayment mortgages are probably the most common type of mortgage used in the UK today. The reason is that a repayment gives you the security that you are gradually paying off the loan with each monthly payment, so that when you eventually get to the end of the repayment mortgage term, you will own the property 100% and will have no more payments to make.
The loan is made of up two parts, a capital element and a interest element. In the early year you will pay off more interest than capital then towards the end of the loan this balance reverses.
Most borrows make the term up to their retirement age, but you can extend the repayment mortgage term beyond this if you can prove you can afford the repayments.
At North Mortgages our Mortgage Experts will take care of everything on your behalf. Remember, we source mortgages from the whole of the market, so you know your getting the best deals available and all tailored to suit your personal circumstances.
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