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Types of Mortgages

Repayment Mortgages - Repayment mortgages are where both the capital (the amount loaned) plus interest against it, is paid back over a set number of years, between 20 or 30 years, but it could be less.

Every month you would pay part capital and part interest. Initially the amount of interest in this repayment will be higher than in later years and as the repayment mortgage runs on the amount of the capital repaid will be greater each month.

A Low Start Capital Repayment option, usually only available to first time buyers, is essentially where, for a given period of a few years, interest-only is repaid. Then gradually an increasing capital element is repaid. Quite often the initial lower repayments inevitably means higher payments later on.

It is usual for the lender to request that you take out a life insurance policy, to cover the repayment of the capital should you die before the loan is repaid. This would probably be a term policy, co-terminating with the final repayment of capital on the loan.

Endowment Mortgages
An Endowment Mortgage is the simplest type of mortgage, sometimes referred to as an interest-only mortgage.

With this, and Pension Mortgages, the capital is not repaid until the end of the mortgage period. The monthly repayments are the interest element only.

In addition to the interest, you also take out a life assurance policy, an endowment. This payment is split in part between a life insurance policy and an amount invested into investment funds. Over the years these funds attract capital growth, and by the end of the mortgage period need to equal the amount borrowed, as it is this that repays the capital borrowed.

Depending upon your instruction, the skill of the investment managers and the performance of the fund, the final lump sum could be more or less than the loan. If it appears the lump sum will not cover the loan you will be required to increase the level of your endowment payments. Equally you will receive any surplus left from the policy after paying off your mortgage.

Pension Mortgages
If you have a personal pension scheme, a Pension Mortgage may be an appropriate option. A pension mortgage is similar to an Endowment Mortgage, in that interest only is paid off during the mortgage period. The difference is that the lump sum generated by your pension scheme on your retirement is used to pay off the capital.

Rather than then paying premiums on an endowment policy, you make contributions to your pension scheme sufficient to ensure both the repayment of the capital element and a wealthy retirement. You will also need to have a separate life insurance policy to cover the capital sum, should you die before retiring.