Repayment

By opting for a repayment mortgage you are guaranteeing that as long as you keep up your payments your mortgage will be repaid at the end of its term.

Each monthly payment contains both an element of interest and capital. The term will directly effect your monthly payments as the longer the term to repay the small the 'bites' are that reduce your mortgage.

When choosing how many years to repay your mortgage it is wise to consider when you plan to retire and if your retirement income will be sufficient to make your monthly payments.