Reason 1

Everything is set up for you. The repayment structure is a tried and tested mechanism designed to bring your mortgage debt down to zero on a pre-agreed date. Every month you pay your lender a mixture of interest and capital with the capital payment gradually chipping away at the size of your debt. The reductions won’t seem like a lot at first, but they soon start to mount up. Most repayment mortgages are set up to last 25 years and towards the end of this term you will be paying far more capital than interest. And if you look at your mortgage statements you will see that your debt is fast approaching zero.