Repayment mortgage,
Definition of Repayment mortgage:
Loan arrangement where the principal is amortized over the life of the loan. Compare with endowment mortgage.
A mortgage in which the borrower repays the capital and interest together in fixed instalments over a fixed period.
How to use Repayment mortgage in a sentence?
- While I note that you have converted your mortgage from an endowment mortgage to a repayment mortgage, it is not clear whether your lender is relying on the endowment policy to provide life cover for your mortgage.
Meaning of Repayment mortgage & Repayment mortgage Definition
Repayment Mortgage
A mortgage loan that uses your monthly payments to pay interest and principal.
