When you take out a mortgage, essentially you have two choices: a repayment mortgage and an interest-only mortgage. With the latter you are simply paying off the interest on the loan, and therefore at the end of the mortgage term the total amount borrowed is still owed.

You could put an investment vehicle in place, such as an endowment or ISA, to repay the capital at the end of the mortgage term, but there is a degree of risk, as the investment vehicle is likely to be linked to the ups and downs of the stock market.

With repayment mortgages, however, over the mortgage term your monthly payments slowly pay off the entire debt - both the capital you have borrowed and the interest it is attracting.

Most mortgages last 25 years, although many younger buyers opt for loans of 30 or 35 years to reduce monthly repayments, while older buyers often choose 10 or 20 year loans.

At the start of the term the bulk of your mortgage repayments cover interest while at the end you are mainly paying off capital. It is possible to make extra payments to reduce the mortgage term, although some lenders only reduce the mortgage annually and these extra payments may not benefit the mortgage until then.

Repayment loans are quite flexible: you can often extend the length of the loan if interest rates rise and you have trouble meeting the monthly mortgage repayment. Depending upon its type and age, you can change the term of the mortgage or repay it early. It may be possible to increase your borrowing during the term, suspend payments temporarily, or switch to another lender, depending on circumstances.

Initially it is a good idea to use a repayment mortgages calculator, many of which are online, to get an idea of what kinds of mortgages are available to you.

It is advisable to then obtain a mortgage repayment quote from a variety of sources. Your bank is almost certainly going to be tied into its own products and other banks and building societies may be more competitive, and an independent mortgage broker will have access to a range of deals, although be clear of what fees you a liable to pay for using their service.