A repayment mortgage is where each month you repay some of the capital amount borrowed as well as the accrued interest.

Therefore, the total amount of money you owe gradually gets smaller each month.

At the end of the mortgage term, assuming you have kept up with your monthly payments, you will have repaid everything you borrowed and be left completely debt free.

Overpayments and lump sum payments can be made, reducing both the interest and capital amounts repayable.

However, there may be financial penalties for making such payments.

Although life assurance cover is not always necessary when taking out this type of mortgage, it's still recommended particularly if you have children.