There are two main ways of paying for a mortgage: interest only and repayment. If you are a first-time buyer, you are unlikely to be offered an interest-only mortgage - usually you will need to own another property, or significant asset, before a bank will agree to give you an interest-only mortgage.
With a repayment mortgage, you pay back some of the principal debt every month. The principal debt is the original amount that you borrowed from the mortgage lender. By the end of your mortgage term (usually 25 to 30 years), you will have repaid everything and own your house outright.
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