Repayment mortgages are the "traditional" type of mortgage. Each monthly payment that you make to the mortgage lender covers the interest charged, and also repays some of the capital borrowed.

The lender works out a level mortgage payment for you based on the mortgage term. This means that in the early years of your mortgage, you are mostly meeting interest payments, and the outstanding capital balance reduces slowly.

As the capital balance reduces though, less of your payment goes to meet interest, and more goes to pay off capital. So your mortgage reduces quicker, as time goes by.

The good thing about a repayment mortgage is that your debt will reduce to zero, over the mortgage term, provided that you meet the requested payments on time.

Also, the equity in your property will increase over time, even if the property doesn't increase in value.