Fixed Interest Rate
In this structure, you can fix the interest rate for few months or a few years. During this period, the interest rate do not change. It helps you plan your finances properly since you know the monthly repayments are not going to change.
Floating/Variable Rate
Interest rate changes with the market. These rates are usually higher than fixed rates. However, if the interest rate drops, the repayment decrease as well, thus, resulting in extra savings.
Split interest rate
In this structure, the loan amount is split into variable and fixed.
Interest Only
You just pay interest, instead of the principal, for a period of time. However, this will cost you extra over the period of time.
Principal & Interest
Simple and very straighforward method of repayments. These are the payments that goes towards the principal, resulting in decrease in the amount of interest over the period of time.
Revolving Credit
Those who have uneven income, can use this facility to pay off their mortgage using this account.
Straight Line Mortgages
Start with higher payments and reducing them over the time by paying mainly the principal first.
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