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This
is a relatively new type of mortgage that's designed to be
a halfway house between an Interest-only
mortgage and a repayment
mortgage (also known as capital and
interest).
The idea is that it combines the advantages of both types,
while minimising the disadvantages.
Basically, part of your mortgage is interest-only and the
rest is repayment it's up to you to decide what split you
want.
Dividing
the debt equally between interest-only and repayment, the
monthly cost would be £858, giving a 25-year total of £257,466.
But you would still owe £75,000.
Total cost: £332,466
So, going part and part on this basis would save you £42,534
on the straightforward interest-only deal, but be £42,531
more expensive than the fully repayment option.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Interest
only mortgages
Interest
repayment arrangements
Choosing
a Mortgage
Different Mortgage Types
Re
Mortgages
How to Find your Mortgage
Mortgages in Principle
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
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