Other mortgage repayment option is interest-only mortgages, where your monthly payments to Nationwide only cover the interest that's being charged on your mortgage. You pay only the interest each month. The actual amount borrowed doesn't reduce during the life of the mortgage so you need to repay the full capital amount at the end of the mortgage term. Your monthly payments are less than with a repayment mortgage, but you will need to ensure that you have the money available at the end of the term to repay the capital. If you cannot repay the loan at the end of the term, you will have to carry on making interest payments to C&G.

Also you can make a combination of repayment and interest-only mortgages. It is very useful if you manage to land a flexible mortgage deal for your bad credit rating mortgage. A flexible mortgage deal will allow you to take advantage of fluctuating finances by overpaying and underpaying when it is appropriate to do so.

Page 2 of 2 :: First | Last :: Prev | 1 2 | Next