Capital and interest
This is the simplest type of mortgage. The payments you make to the lender every month pay off both the capital and the interest from the loan. Provided you keep up the payments, you are guaranteed to pay off the loan by the end of the term agreed (usually 25 years).
The lender calculates your monthly repayments depending on the amount borrowed, how long for, the interest rate & how the rate you have chosen is set.
We don't usually charge a fee, but depending on individual cases we ocassionally charge a fee of £250, in addition to reciving commission. Alternatively, you may choose to pay a fee of 1% of the loan amount, and we will refund any commission. For example, on a loan of £100,000, a fee of £1,000 would be payable.
We will discuss this prior to application
Your home may be repossessed if you do not keep up repayments on your mortgage.