Mortgages

Ways to repay your mortgage

There are just 2 different ways to repay your mortgage:

• Repayment
• Interest Only

At Enterprise Financial Services, we will advise you on the best method to suit your circumstances.

Repayment Mortgages

This is the type of mortgage where you would pay the capital amount loaned and the interest over the term of your mortgage. For the first few years much of the monthly repayments go towards the interest payable but gradually, as the years progress, the capital amount is paid off. Our Adviser would also recommend a form of financial protection to ensure your mortgage is paid off, should you die or suffer an accident, preventing you from working.

Interest Only Mortgages

With this type of mortgage you pay interest only each month on the amount you have borrowed. This will mean that you will still owe the capital amount to the lender at the end of the mortgage term. For your financial protection, our Adviser would recommend a method for you to be able to pay off the lump sum at this time. In all circumstances, it is essential you protect your mortgage! Our Adviser will tell you how.

Your home may be repossessed if you do not keep up repayments on your mortgage.