Choosing a mortgage can be confusing as there are different types of mortgages available for you to choose from. Below we have explained the payment terms that are available and we can help you choose the best fit for your mortgage needs.
Capital & Interest Repayment Mortgage
This is where your repayments cover both capital and interest, which means that your loan will be fully repaid at the end of the term.
Interest Only Mortgage
With an Interest Only Mortgage, repayments cover the interest element of your loan and not any of the outstanding loan (capital). The actual amount of capital borrowed must be repaid in full at the end of the agreed term of the mortgage. It is therefore vital that there is a realistic repayment plan in place. You should seek independent investment advice regarding a suitable repayment vehicle. We do not offer this payment option as standard, but if you are switching from another provider you may already be on an interest only mortgage and may want to consider reviewing your repayment options.
The Interest Only option is not available on Danske Re:pay accounts. For more information on Existing Interest Only Mortgages click here.
Up to 30 Year Mortgage Term
For residential mortgages, you can choose any repayment term up to 30 years.
Mortgages in Retirement
You will be required to provide us with evidence of affordability in retirement if the mortgage term takes you beyond normal retirement age.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.