Reason 4

Repayment mortgages can cope with the way our lives change. If you get a windfall of money and your mortgage lender allows it then you can pay an extra lump sum to clear a chunk of your mortgage early. Your monthly repayments can then be recalculated to take this into account – the old end date for your mortgage can stay the same if you want. Most lenders also offer pretty flexible terms on their mortgages nowadays as well. If you are doing well financially and want to pay off a little extra each month you should be able to do so as well. Again your repayment terms will be constantly updated and you can see how close you are to clearing the debt. Just because repayment mortgages follow a set structure doesn’t mean they are too rigid for modern life.