You borrow a lump sum over a fixed period of time (usually 25 years, but it can be less). You pay the interest and some of the capital on a monthly basis to the lender.
ADVANTAGES: The only way you can be 100% certain the loan will be repaid (provided you keep up with the repayments.)
DISADVANTAGES:Only a small amount of capital is paid off in the early years.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Repayment Mortgage
| Norfolk Financial Services Ltd is an appointed representative of Virtual Net (Europe) PLC which is authorised and regulated by the Financial Services Authority. Virtual Net (Europe) PLC is entered on the FSA register (www.fsa.gov.uk/register/) under reference 209569 |
| The information contained in this web site is for general
information only and is not financial, investment or
tax advice. The guidance contained within this website
is subject to the UK Regulatory regime and is therefore
primarily restricted to consumers based in the UK. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. |