Payments on this type of mortgage are usually paid monthly. The payment includes two elements, which are the repayment of the capital you have borrowed, and repayment of the interest on the loan.
The repayment is calculated every time there is a change in the interest rate. In the early years most of each payment goes toward paying the interest, and a smaller part goes toward reducing the balance of the loan. As time elapses then more of the payment goes to paying off the capital, and in the final years nearly all goes to paying off the balance of the loan.
The size of the payment you make each month is dependent on the size of the loan, the number of years the mortgage is taken out over, and the interest rate.
You can choose how we are paid for mortgages. We can accept commission from the lender in which no fee would be payable. However if you want to pay for our services by paying a fee, then a charge of 0.5% of the loan will apply.
Your home may be repossessed if you do not keep up repayments on your mortgage