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What is a Repayment Mortgage?

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A repayment mortgage is the type of mortgage that most people think about. The idea behind a repayment mortgage is that you pay monthly for a set period and each payment consists of an element of capital and interest.

A repayment mortgage is one for which each monthly payment contributes to the capital and the interest that is to be repaid over the term of the mortgage. Assuming that the contractual payment is made each month for the full term of the mortgage, at the end of the term the mortgage will be fully repaid.

With a repayment mortgage your monthly payments consist of both the capital amount borrowed together with accrued interest. Your lender will keep you advised about how much you have repaid.


Initially, most of your monthly payment pays off the interest and what's left goes towards reducing what you've actually borrowed. As time goes on, the balance' changes and as the interest charges reduce, more and more of your monthly repayment is used to reduce the loan.

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A repayment mortgage is a mortgage contract under which the customer is obliged to make payments of interest and capital which are designed to repay the mortgage over the stated term. As long as you keep up the payments, the whole loan will be paid off over the term of the loan. Many people opt for a repayment mortgage on for this very reason - a repayment mortgage is the safest option as it means that you will have that guarantee.

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 ......


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