“I previously had an interest-only mortgage but later found it to be unsuitable to my financial needs,” says Michael.

While trawling through different mortgage options, Michael asked his lender what deals it was offering.

“After having a discussion with First Direct, the lender said it could offer me a repayment mortgage, which enables me to pay off the capital and interest each month,” he explains.

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“The main advantage of this is that by the end of the mortgage term I will have repaid my full debt.”