A mortgage where you pay off both the capital and interest each month until you've completely repaid the loan at the end of the pre-agreed term.
* * *
* * *
repayment mortgage UK US noun [C] BANKING, PROPERTY
► in the UK, a mortgage on which you pay back both the capital (= amount borrowed) and the interest: a 20-year/25-year, etc. repayment mortgage »
On a £100,000 25-year repayment mortgage, you'll pay £561 per month.
take out a repayment mortgage »I recommend that she takes out a repayment mortgage.
Financial and business terms. 2012.