Capital repayment mortgages

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What is a 'capital repayment mortgage'?

Most mortgages you'll see advertised by lenders are 'capital repayment' mortgages. All this means is that you'll repay the amount borrowed and the interest at the same time.

The alternative is an 'interest-only' mortgage, in which you'll only pay interest to your lender until the end of the deal, when the remaining amount must be repaid.

A major advantage of a repayment remortgage is that your repayments are fully structured, so you'll know when you are due to pay the mortgage off. Each payment you make will gradually be reducing your debt. An interest-only mortgage is set over a fixed period, but you'll be responsible for saving up for the 'capital' part of your mortgage.

It is important to keep up your monthly mortgage payments and not to fall into arrears, as this may be recorded on your credit file and could affect the availability of credit in the future. If you are struggling to keep up with your mortgage payments you should contact your lender immediately to discuss your options.

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