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Return to Mortgages HomePayment Method

Although there are many different types of mortgage schemes and deals available, there are still just two basic ways of repaying your mortgage:

Repayment

Each month, your monthly repayments pay off a portion of the interest on your mortgage and some of the capital borrowed. This is the only method that ensures you pay back your mortgage totally by the end of the mortgage term, so long as you keep up with your mortgage repayments.

Interest Only

The monthly payment you make to the lender will only repay the interest due on your mortgage. It is therefore necessary that you have some sort of investment to pay off the capital, e.g. a pension, an endowment policy, an ISA or some other long-term investment plan. On the maturity of your investment, you are responsible for using the proceeds to pay off your mortgage loan.

You may also choose to combine these two methods to have a Part & Part mortgage.


Please read our Personal Banking Guide - 187KB PDF Document.


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