There is a vast choice of mortgage products available, and the market is very competitive. It really pays to get professional advice tailored to your individual needs. You can make huge savings in the long term, and often pay off your mortgage much earlier than you had previously expected.
There are different methods of repaying the capital, which broadly fall into two categories
Capital repayment, where the monthly payment includes an element of capital, which over the projected lifetime of the mortgage, will reduce the balance to zero.
Interest only, is where the monthly payment consists only of the interest. It is usual to set in place an alternative savings mechanism to repay the capital. With professional advice, you can significantly reduce the number of interest-only payments you need to make, saving a considerable amount of money in the long-term
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