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Repayment
How does it work?
You borrow a lump sum over a fixed period of time (usually 25 years but can be shorter or longer). You pay the interest and some of the capital on a monthly basis to the lender.
ADVANTAGES:
- Some flexibility with repayments, such as making overpayments (more than the normal amount) and under some circumstances taking a payment holiday, making underpayments (less than the normal amount) or borrowing back previous overpayments.
- The only way you can be 100% certain the loan will be repaid, providing repayments are maintained.
DISADVANTAGES:
- Monthly mortgage payments may be higher than interest only mortgages covered by an investment/life assurance product to repay the capital.
- Only a small amount of capital is paid off in the early years as the monthly mortgage payment consists of a higher proportion of interest to capital repayment.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
TAX PLANNING ADVICE IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
GT Mortgages is an appointed representative of TenetLime Limited which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.
GT Mortgages Ltd - Registered in Scotland No. SC298635 - Registered Office: 10 Bank Street, Falkirk, FK1 1NB
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Contact Details
GT Mortgages
10 Bank Street
Falkirk
Stirlingshire
FK1 1NB
Phone : 01324 622226