Repayment Mortgages Explained...
Repayment Mortgages are the most popular mortgages at this moment in time. Each month you will repay some of the interest you owe plus some of the capital, obviously at the beginning of the term (usually 25 years) you will be paying more interest than capital off the sum owed.
Most repayment mortgages are taken for a period of 25 years, although 30 and 35 year mortgages are becoming more and more popular. After the period, you’ll have paid everything owed back to the mortgage lender and the home is yours and you will own it outright.
The chances of you wanting to move home within the mortgage period is high, however you might be able to take the mortgage with you to the new property (porting) or you can pay back everything and start all over again with a fresh mortgage.
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