Mortgage Repayment Types - The Basics

A mortgage is a loan secured against a property. Because the lender has the building as security, interest rates will be lower than for unsecured loans or credit card debts, however failure to keep up monthly payments could result in repossession of your home. When you take out a mortgage, you must specify how you are going to pay it back, the most common method being to gradually repay it over the term, which is known as Capital and Repayment.

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