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Mortgages | |
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Mortgages
Paying Us Back |
There are two main methods of paying your mortgage - repayment and interest only. You can choose from either one of these methods or a combination of the two.
- Repayment Mortgage: Your payments pay back both the interest and part of your loan at the same time, reducing the balance of your mortgage. It is calculated so that at the end of your mortgage term, your mortgage - including interest - is paid in full.
- Interest Only Mortgage: Your payments only cover the interest on your loan. The size of the loan remains constant and you must arrange some means to repay the loan at the end of the term.
