Mortgage Repayment

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Once their mortgage application has been accepted in principle, the borrower may have the option of deciding how he or she repays their loan: on a ‘capital and interest’ basis, on an ‘interest only’ basis, or as a combination of these two. 

Capital And Interest Mortgages

An arrangement where part of the monthly repayment is used to pay the interest and the remainder is used to reduce the original amount of the loan. In the early years of the mortgage, most of the monthly repayment goes towards paying the interest; in later years, the interest charges diminish and more of the repayment is available to reduce the loan amount.

Interest-Only Mortgages