When you take out a mortgage loan you will need to repay:
- The capital (the amount that you borrowed as a mortgage loan)
- The interest on the loan, charged by the mortgage lender
A repayment mortgage involves paying off the interest and capital of the mortgage loan simultaneously. This typically makes the monthly payments on a repayment mortgage larger than on an interest-only mortgage.
Repayment mortgages are designed so that your regular repayments will clear the full mortgage loan by the end of the term. For example if you have a 25 year repayment mortgage, you should own the property outright after 25 years – as long as you make all the repayments on time and in full.
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