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What are Repayment Mortgages If you're searching for a mortgage, then you'll likely already know that there are a whole host of different kinds of these type of loans on offer. One of the ones that you're likely to see from every lender is a repayment mortgage - and this is because they are the most common and simplest type of mortgages currently available. They're often great for a variety of borrowers that very reason. The other kinds of mortgages may be more complicated - and they may not be beneficial for everybody. If you want simple mortgage that you can understand, then repayment mortgages are likely to be the best type for you. What are repayment mortgages? These kinds of mortgages are the easy and basic ones that so many other people choose - mainly because they're so common! Nearly every lender you meet will offer you a repayment mortgage (but it probably won't be the only one they have to offer), and this is because it's the most straight-forward kind. You pay the lender a small amount of the property's value (as divided by the loan’s term), plus interest, each month. At the end of mortgage's term, you will have paid the full amount of the property's value and it will be yours. For this reason they're often better suited for people who are new to the mortgage process - and for those who want an easy mortgage when buying their home through a buyers agents. Are repayment mortgages good? They're the most basic kind of mortgage, but that doesn't mean that repayment mortgages aren't worth every cent. In fact, they are one of the best options for people who don't want anything complicated, or who don't know what kind of mortgage to get. But why are there other kinds of mortgages if repayment mortgages are good? Well, it's very simple. There are other kinds of mortgages because they can be better suited to a person's specific needs, so they will get the mortgage which is best for their situation. But if you don't have any specific needs, those kinds of mortgages could end up complicating your life. For example, another kind of mortgage (which is called an interest only mortgage) requires the borrower to pay only the interest monthly and then at the end of the mortgage's term, they need to pay the property's full value all in one go. This will be probably be better for people who only get a small amount of money each month, but know that they'll have the money together by the end of the mortgage.