Mortgages
Mortgage Types
There are 2 types of mortgage repayment arrangement, this can be either:
- Repayment mortgage: This is the most popular type of mortgage arrangement. With a repayment mortgage you’ll make monthly repayments for an agreed period (known as the term) until you have paid back both the capital and the interest.
- Interest-only mortgage: As the name suggest, with an interest only mortgage you will pay off only the interest amount, and the loan amount will remain the same to the end of the term. Your monthly payments will be less than with an equivalent sized repayment mortgage, however you will still owe the amount you originally borrowed when you reach the end of the mortgage term. Lenders will make sure you have a repayment strategy in place, so that you have money to pay off the capital at the end of the mortgage.
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Oakwood Home Finance Ltd which is registered in England No. 12937996 registered address 24 Oakwood, Berkhamsted, Hertfordshire, HP4 3NQ.
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