Repayment mortgages are usually the easiest type of mortgage to get because they offer the lowest risk in the long term, guaranteeing that the borrower will have no outstanding mortgage debt on their home once the mortgage term is complete.
However, the downside of applying for a repayment mortgage is that you may find you are unable to borrow quite as much as with an interest-only mortgage. The reason for this is that the monthly payments are slightly higher on a repayment mortgage, meaning that banks and building societies will probably only lend a slightly lower multiple of your income to you.
Don’t take this for granted, though – there are no hard and fast rules with lending, and many mortgage lenders do have a more flexible approach to income multiples than they once did. Lenders are also keen for people to take out repayment mortgages, so may be a little flexible if they believe you are a good risk.
Where Can I Get A Repayment Mortgage?
Almost everywhere! Repayment mortgages are by far the most commonly-offered type of mortgage, and almost all lenders, other than some specialist lenders, offer a range of repayment mortgage options.
The best way to find a suitable lender can be to go through a mortgage adviiser. This will save you time and give you access to a full range of products at once. A good independent broker will also be able to offer advice on the pros and cons of different mortgages – accurately comparing several mortgages to see which offers the best value can be quite difficult.