Repayment Mortgage

One of the first types of mortgage deal that you should consider is a repayment mortgage. If you think that a repayment mortgage could be best for you, you would be best advised to compare several mortgage deals to ensure that you get the best rates possible.

Repayment mortgages tend to be the most popular mortgage option due to their relatively uncomplicated nature, and work in the following way:

• Each month you would be expected to make a repayment of interest plus capital to pay off your mortgage loan
• Over time, the size of your repayments would reduce as more of your mortgage is paid off and the amount of interest payable subsequently decreases
• At the end of the mortgage term, your mortgage plus interest would have been fully repaid.

As with every type of mortgage, repayment mortgages can have pros and cons. Among these could be the following:

Pros

• If you keep up with your mortgage repayments, your mortgage is guaranteed to be paid off at the end of the term
• As your mortgage gets paid off, the amount of interest you are expected to pay will decrease

Cons

• Monthly repayments can be comparatively more expensive than that of an interest only mortgage, which could be tough for first time buyers.

As you search for an appropriate mortgage deal, you are likely to encounter the fact that there are many different types of mortgage deal to choose from.  As each individual’s needs could vary from those of others, it could be important for you to compare the different types of mortgage available to work out which could suit you best.

To assist you with your search for a competitive repayment mortgage deal, we have compiled the mortgage comparison table featured on this page. These contain details of several of the leading repayment mortgage deals currently on the market.

You can use our free service to:

• Compare 100s of mortgage deals
• Get quotes from across the entire UK market
• Seek professional, impartial advice from a mortgage expert