One of the mysteries of the English language finally explained.
A mortgage in which the borrower repays the capital and interest together in fixed instalments over a fixed period.
- ‘When changing to a repayment mortgage, your monthly payments will undoubtedly rise and along with the premiums to your endowment policy, your overall monthly outgoings will increase.’
- ‘If yours is a repayment mortgage, ask your lender if they'll accept interest-only payments for a few months.’
- ‘Of course, the problem is that monthly repayments are higher on a repayment mortgage, so some borrowers are opting for an interest-only mortgage with no savings plan to back it.’
- ‘It will calculate compensation based on comparing the performance of your endowment with a repayment mortgage over the same period.’
- ‘While I note that you have converted your mortgage from an endowment mortgage to a repayment mortgage, it is not clear whether your lender is relying on the endowment policy to provide life cover for your mortgage.’
- ‘I am considering changing to a repayment mortgage.’
- ‘Following advice from my insurance company, I switched to a repayment mortgage to make up the shortfall.’
- ‘The redress is calculated to cover any losses you have suffered so far from having an endowment rather than a repayment mortgage.’
- ‘Mortgage advisers got paid much more commission if they sold an endowment mortgage rather than suggesting a repayment mortgage.’
- ‘It then reverts to a standard repayment mortgage for the remaining 15-year period.’
- ‘To pay off other unsecured debts, you opt for an unsecured loan of £25,000 and arrange a repayment mortgage over 25 years with a variable rate.’
- ‘The crucial point is that endowment mortgages involve more risk than a repayment mortgage.’
- ‘From then on, the state pays only your mortgage interest, so you'll face a shortfall if you have a repayment mortgage.’
- ‘You should bear in mind that switching to a standard repayment mortgage will mean higher repayments as better capital and interest will be repaid on a monthly basis.’
- ‘So, given that redress is based on you giving up your endowment policy and converting to a repayment mortgage, predictions about the future performance of the endowment won't affect you.’
- ‘Even switching the amount of the shortfall predicted by your insurer to a repayment mortgage will help.’
- ‘To pay off a repayment mortgage of £73,000 with an annual interest rate of, say, 6% would normally take 300 repayments of £470.’
- ‘The endowment was from an old mortgage and I am now on a repayment mortgage.’
- ‘When this happens, the monthly payments on an interest-only mortgage fall by more than the equivalent repayment mortgage.’
- ‘With a repayment mortgage your monthly payments will be put towards both the interest and the original loan.’
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