repayment mortgage

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Related to repayment mortgages: Interest Only Mortgages
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repayment mortgage

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This means that the monthly repayments are generally a lot lower than those on repayment mortgages. But the amount owed does not go down over the years as it does with a repayment deal.
UNLIKE the repayment mortgages which are common nowadays, interest-only deals allow you to only pay the interest off, rather than paying down the mortgage loan itself.
"In addition to traditional repayment mortgages, we'll lend up to 70 per cent on second homes on an interest-only basis," said Green, "or up to 75 per cent on part and part." |
THE credit crunch is prompting thousands of people to take out interest-only rather than repayment mortgages. But this could prove a costly mistake in the long run.
The blunders in complicated repayment mortgages are hard to spot.
He told me the risk was no more than being hit by a bus when crossing the road and that advisers only got commission by selling repayment mortgages. Complete baloney.
It revealed 61 per cent of owners are buying their home with a mortgage - 58 per cent of those having an interest-only mortgage and 36 per cent with repayment mortgages.
Only repayment mortgages will be offered through the initiative, not interest-only ones where the buyer only repays the capital when the mortgage term comes to an end.
Repayment mortgage REPAYMENT mortgages are where the monthly payment to the mortgage repays both the interest and capital (the amount borrowed) over the term.
Unlike repayment mortgages, under which homeowners gradually repay the money they have borrowed, on interest-only ones borrowers only make payments to cover the interest they are charged.
It is thought the repayment mortgages where the monthly sums reduces according to the reduction of the capital owed are especially prone to mistakes.
Best answer is to look around for the cheapest repayment mortgage. You can pay as much as seven per cent for a new loan but a mortgage broker or independent financial adviser can find you plenty of repayment mortgages costing five per cent or less.