Repaying your mortgage can be done through a repayment (capital and interest) mortgage, where you repay both the capital and the interest on a monthly basis over the term of the mortgage.

With an interest-only mortgage, you only pay the interest on the mortgage each month and at the end of the term, you must repay the capital in full. A part-and-part mortgage is a combination of the two, where a portion of the monthly payment goes towards paying off the capital and the other portion goes towards paying the interest.

It's important to keep up with the repayments on your mortgage, as missing payments can result in arrears and cause problems. If you're struggling to make your payments, it's important to get in touch with your lender as soon as possible. Patrick Wayne Wealth can help you understand the different repayment options available and advise you on the best course of action for your personal circumstances.