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Repaying the Mortgage
There are three basic ways of repaying your mortgage: repayment, interest only or part repayment/part interest:
- with a repayment mortgage - also known as a Capital and Interest mortgage – you pay off interest on the loan and a portion of the capital each month. You gradually pay off the entire amount you borrowed, as well as the interest, over the life of the mortgage provided payments are maintained.
- with an interest only mortgage the payments you make each month only cover the interest on the loan. You will still owe the amount borrowed (‘the capital’) at the end of the mortgage term. It is your responsibility to make sure you have suitable plans in place to repay the capital.
- part repayment/part interest only mortgage – this is where a portion of the loan is on a repayment basis and the remainder is on an interest only basis. Our interest only rules apply to the interest only element of the loan (see above for details).
How to apply
We like to make your life easier, call into one of our branches and talk to one of our friendly and professional staff. Alternatively, you can call us on 01509 631950 or request a callback at a time convenient to you.
It will help to have handy
- ID and proof of residency in UK
- Details of income for all applicants
- Particulars of property being mortgaged
