What is a repayment mortgage? A repayment mortgage is a home loan where you repay a bit of the capital, which is the amount you borrowed, along with some interest each month. With a repayment mortgage ...
One option for you, as you say, is to switch on to a BTL mortgage. But these carry a higher risk (since rental income can be viewed as more unstable). Lenders charge higher rates and require borrowers ...
If you had plans to get a mortgage in future or take out a credit card, any missed repayment of a loan can reduce your options for credit and make it more difficult to get what you're looking for.
The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property ...