Mortgages Abroad: Repayment v. Interest Only
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Repayment v. Interest Only
Repayment mortgages
This works on the principal that each month, you pay off a small portion of the original loan, plus the interest accrued. At the end of the mortgage’s life span you will own 100% of the property, although the monthly repayment can be high.
Interest only mortgages
With this plan you pay only the interest. These mortgages are usually only considered when they are taken out in conjunction with another repayment plan. These can include, Endowment policies, ISA’s or pension plans. (Financial advice is recommended if you are considering taking out an ISA.)
Flexible Mortgages
Some banks may also give you the option of taking out a Flexible Mortgage. This way the lender gives you the option of paying more than the agreed monthly amount into your mortgage when you can afford to, or even skipping payments if you are in short term financial difficulty. Flexible mortgages are usually available on repayment mortgage packages.
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