Repayment Mortgage
A repayment mortgage means that each month you will make a repayment to the mortgage lender.
Part of this payment will go towards reducing the total amount of capital you owe and part of it will be an interest charge on the remaining balance of the mortgage.
They are designed to completely repay the loan over the term. Unless interest rates change or your introductory offer period ends, you pay the same amount each month.
When one of these things does happen, repayments are altered so that the loan is still repaid at the end of the specified term.
Click for more mortgage glossary terms relating to remortgaging.