Repayment Mortgages FAQ's

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FAQs - Repayment Mortgages

What is a repayment mortgage?
With a repayment mortgage, the cost of repaying the loan on your property is included in your monthly instalments. At the end of the term, you will have paid off all your debt.

How much interest do I pay?
Because the size of the loan decreases as you make repayments, the amount of interest you pay decreases too. At first, a large proportion of your repayments will go towards servicing the interest, but in time you will be paying back larger and larger chunks of the loan.

Is a repayment mortgage cheaper than an interest only mortgage?
In the long run, yes. Although your instalments will be considerably cheaper with an IO mortgage, at the end of the term, you still have to pay interest on the full amount of the loan for the duration of the term, and then pay off the debt you started with.

Will I have to pay a large deposit?
No. Depending on your credit history, some lenders may offer a 100% mortgage.

Is it worth gambling on property prices increasing and taking out an interest only mortgage?
Only take out an interest only mortgage if you are buying the property as an investment rather than a home. On one hand, the value of the property may go down. On the other, if the value of your property goes up, the chances are house prices in general will increase too. In other words, what you gain on your current property, you will have to plough straight back into your next home.

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