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Annuity Mortgages
Also known as a ‘repayment mortgage,’ this is the traditional method of paying back a mortgage. Each month your mortgage payment pays off a portion of interest and a portion of capital. At the end of your mortgage term, all interest and the full amount of the loan are paid off.
Interest Only Mortgages
A mortgage where you only repay the interest arising on the principal amount borrowed. The principal amount borrowed is repaid at the end of the term, usually via an investment product such as a pension, life insurance product or stock market investment.
Tracker Mortgages
A mortgage that is linked to the European Central Bank Base Rate for the entire term of the mortgage. Your payments will drop if the base rate drops, but will also rise if the base rate rises. Many tracker mortgages offer reduced payments in the early years, which can be useful to first-time buyers who need to free up cash for furnishings and other expenses.
Pension Mortgages
With a pension mortgage, you pay monthly premiums into a pension plan, in addition to mortgage interest over the mortgage term. The mortgage term will expire on your retirement. At the end of your mortgage, or on death, you will receive a tax-free lump sum from your pension plan. The lump sum should be enough to pay off your mortgage, though this is not guaranteed.
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