Repayment Mortgages

Find the right repayment mortgages for you from across the UK

There are so many different types of mortgages  that buying a house can be a stressful and confusing experience. Even once you have picked the type of mortgage you want, you need to consider all the different mortgages offered by different mortgage providers to help you find the right one to suit your needs.

If you want to find the best repayment mortgage for your needs, you can compare repayment mortgage quotes. Comparing quotes helps give you the chance to save money. It can also help make sure that you are looking at the right type of mortgage for your property.

What is a repayment mortgage?

A repayment mortgage is a kind of mortgage where your monthly payments cover the cost of interest but also pays towards paying off the initial mortgage. This means that your money will go towards paying off the house until you own it outright.

Is a repayment mortgage good?

Different types of mortgages are good for different people or situations. A repayment mortgage may cost more every month than an interest only mortgage, but it means you are paying off the cost of the house slowly every month, which may suit your needs well as it often brings piece of mind knowing you are paying for the whole house and not just the interest.

How is mortgage repayment calculated?

Your monthly mortgage repayments will be calculated based on how much the initial loan was, how long your mortgage term is, and how high the interest is. Obviously, a more expensive home will have higher monthly payments, while a longer term mortgage will have lower monthly repayments.

What’s the difference between interest only and repayment mortgages?

An interest only mortgage means that you only pay off the interest amount each month. At the end of your mortgage, you will still owe the full cost of the house. A repayment mortgage means that you pay off a bit of the mortgage cost as well as the interest every month.

Why are mortgage payments so high?

The initial cost of the mortgage and the interest both contribute to the cost of your mortgage repayments. If you want to try to find a lower cost mortgage, you can use our comparison tool to find the best repayment mortgage offer you can get.

Should you pay off your mortgage early?

Some people may benefit from paying off their mortgage early while others may not. The most important thing to consider is the interest rate on your mortgage and the incoming interest rate on any savings accounts you have. If the mortgage has a higher interest rate than your savings accounts, it is often better to pay off your mortgage early, as you will end up paying less in the long run. However, some people prefer to save money towards an emergency fund.

How is a mortgage different from a secured loan?

A mortgage is a type of secured loan. All secured loans are based on an asset that can be taken by the bank if you fail to pay back the loan. In the case of a mortgage, the house is the security for the loan.