Mortgages

The facts:

Each monthly repayment to the lender consists of an element of capital and interest.
Gradually your loan reduces, building up equity in your home
At the end of the term your mortgage will be repaid, providing you keep up your monthly repayments.
Suitable for people who would like to guarantee the repayment of their mortgage.
A low risk method of repaying your mortgage.

The facts:

Each monthly repayment to the lender consists of interest only.
As no capital repayments are made during the term of this mortgage, monthly costs are lower, however you will not increase the equity in your home.
Suitable for people who do not wish to repay the capital until the end of the mortgage term. It is your responsibility to ensure an adequate repayment method is in place to repay the mortgage at the end of the term.
Repayment of the loan is self-managed by you and would usually be paid from proceeds of the sale of your home, inheritance, savings or investments.
This type of mortgage is not accepted by all lenders unless an investment vehicle is also selected.

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