Interest-only mortgage
A mortgage where regular payments usually cover interest only, leaving the original capital to be repaid separately at the end of the term.
Related terms
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Repayment mortgage
A mortgage where regular payments are designed to cover both interest and capital so the loan reduces over the term.
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Mortgage debt
Money owed under a mortgage, including the outstanding capital and any interest, fees or arrears due under the agreement.
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Mortgage maturity
The point at which the mortgage term ends and any remaining amount becomes due, unless another arrangement is agreed.
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