Repayment Mortgages
A Repayment Mortgage is structured so that the monthly mortgage payments, comprising partly of capital and interest, pay off the original amount borrowed as well as the interest that would be accrued over the mortgage term, by the end of the term.
Points to Note:
- A Repayment Mortgage is clear-cut and uncomplicated.
- It is a surefire way of repaying the loan provided that all payments are made and kept up with.
- Total amount owed decreases as time goes on.
- As interest rates go up in later years, it will not have as much of an influence on the amount owed due to the fact that the capital has decreased.
- It is not compulsory to arrange life cover to repay the mortgage.
- Even though life cover is not always required, it is worthwhile to arrange at least term assurance to ensure the loan can be repaid in the event of your death and to avoid the house having to be sold in order to repay the mortgage.
We at David Stock & Co. Ltd are Independent Financial Advisers who can, unlike appointed representatives, obtain quotations from the entire marketplace to ensure we secure the most competitive and appropriate mortgage, pension or tax/investment package available.
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YOUR HOME MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
