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Mortgage repayment methods
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Capital and interest

Monthly repayments to a lender are made up of interest and capital which reduces the mortgage debt over time (also known as a repayment mortgage).

Capped rate

Some lenders will, for a guaranteed period, ensure that your rate does not exceed a fixed upper limit, even if interest rates rise beyond that limit.


A type of mortgage where you will receive a cash lump sum at the commencement of your mortgage. The amount will vary depending on the scheme offered.


County Court Judgement. A decision made in the County Court, usually for the non-payment of a debt which is registered on your credit file. Once the debt is paid ("satisfied"), and a satisfaction certificate obtained, it is also noted on your credit file.


The day you become the new owner and can move in to your property.


The legal documents under which the buyer and seller of the property agree the terms.


The process of transferring ownership of the property.

Credit search

The search your lender will carry out to determine your credit payment history.

Credit scoring

A process used by some, but not all, lenders to determine whether you are a good credit risk.

Critical illness cover

A plan, normally with benefit to cover the mortgage amount on diagnosis of a critical illness specified in the terms and conditions and you are eligible to claim.
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