The most reliable way of clearing your home loan in a safe and manageable way is to take out a Repayment Mortgage. This is why this type of mortgage is the most popular in the UK today.

With a repayment mortgage you pay the lender a mix of capital and the interest in a structured way which will ensure that the balance at the end of the lending term will be zero providing – you keep up the payments of course! Repayment mortgages tend to be set up for 25 years although the term can vary depending on your circumstances. The proportion of interest over capital decreases throughout the term so at the back end of the loan you are paying off more capital than at the start.

Repayment mortgages can be flexible in that you can sort out a length of term that suits you in terms of how much you can afford to pay monthly. Lenders will be happy to advise you on this, or if you would like a rough quote there are plenty of mortgage calculators out there, especially on the internet, that you can use a guide.

If you want to move home during the mortgage term this should not be a problem. You have the flexibility to either start a new 25 year term or ask your lender to recalculate any deal to finish at the same time your current mortgage would have done.

Should you wish to pay a lump sum off your mortgage, or pay more of than is required every month to clear the debt quicker, you will find most lenders are flexible enough these days to allow this to happen without penalty. Most people think of repayment mortgages as inflexible, but this is not the case.

In times of payment difficulty it should be possible to ask your lender to either extend the term of the loan, or alternatively just pay the interest element of the loan for a while. With the latter remember that the capital will need to be repaid some time.

Repayment mortgages are a safe and structured way to pay off a home loan and are possibly more flexible than you think.