The mortgage definition for Repayment mortgage:
Each month you will make a repayment to the mortgage lender. Part of this payment will go towards reducing the total amount of capital you owe and part of it will be an interest charge on the remaining balance of the mortgage. Unless interest rates change or your introductory offer period ends, you pay the same amount each month. When one of these things does happen, repayments are altered so that the loan is still repaid at the end of the specified term.
Early repayment periodEarly repayment period
A period of time that applies to certain types of loan during which a charge will be made if the loan is repaid in full or in part or its terms are varied at the borrower's request.
Monthly repaymentMonthly repayment
This is the amount you pay to your lender each month towards the cost of your loan.
Prepayment penaltyPrepayment penalty
Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
Further Suggestions Repayment period
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