Mortgage type
Housing statistics and English Housing Survey, glossary, published by the Department for Levelling Up, Housing and Communities in 2019, states:
Three mortgage types are usually referred in published reports of the English Housing Survey:
- repayment: a mortgage in which the borrower repays the capital and interest together in fixed instalments over a fixed period (usually 25 years). The most common and most widely available type of mortgage.
- interest only (with no linked investments): a mortgage in which the mortgagor is only required to pay off the interest that arises from the principal that is borrowed. Because only the interest is being paid off, the interest payments remain fairly constant throughout the term of the mortgage.
- endowment: a mortgage linked to an endowment insurance policy which is intended to repay the capital sum on maturity.
- other mortgages: including interest only with linked investments and combined endowment and repayment mortgages.
For more information see: Mortgage.
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