Also known as a 'Annuity Mortgage'

This is where the capital of the mortgage and the interest of the mortgage are paid in monthly instalments.

This type of mortgage allows you to pay off the total mortgage over the defined period.

Tax relief is only applicable to the interest payments. Therefore tax relief will decrease over time.

First Time Buyers

There are special types of repayment mortgages for first time buyers that allow you to only pay the interest for a short period, then the capital repayments come into play.

Because this type of mortgage has lower initial payments, the payments later on will be higher.

For more information about Repayment Mortgages, contact one of our independent advisers.