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Article: Mortgage time bomb; COULD YOU BE ONE OF THE MILLIONS WHO ARE PUTTING THEIR HOMES AT RISK?
- Article from:
- Daily Mail (London)
- Article date:
- January 15, 2003
- Author:
CopyrightCOPYRIGHT 2003 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHARLOTTE BEUGGE
MORE than half of Britain's homebuyers have no certainty that their mortgages will ever be paid off. And many will be unaware that they are at risk.
CHARLOTTE BEUGGE explains what's happening - and, if you're affected, how to deal with it.
WHAT'S THE PROBLEM
THERE are two methods of paying back a mortgage. The traditional way is called a repayment - or capital repayment - mortgage.
With this type, each month's payment pays off both the interest on the loan and the capital you have borrowed.
So long as you keep up the monthly payments, you will not owe any more money by the time your mortgage ...