What is a Repayment Mortgage

A fixed amount borrowed at the outset, normally 90% of the purchase price of the house (although it may be a higher percentage).  Repayments which are monthly are made up of two elements:  the principle (fixed amount) and the interest on whatever principle remains to be repaid.

The interest rate, set by the Bank of England, varies in line with interest rates in the Economy. and therefore does that amount of the monthly repayments.  By the end of the loan period (usually 25 years) principle and interest have both been fully repaid; the house belongs to the borrower.