The total mortgage balance needs to be repaid in full at the end of the agreed mortgage term, typically from the proceeds of a repayment vehicle such as an ISA, endowment policy or other investment plan. If you do not have a separate suitable repayment vehicle in place, then the loan may have to be repaid from the sale of your home.
A popular option amongst customers is to remortgage, put simply it is where you take out a new mortgage with a new lender on a property you already own and have a mortgage on. The new mortgage takes the place of the mortgage you originally had on the property.
Remortgaging a property can improve buyer’s situations financially, either raising initial capital in a swift manner allowing one to consolidate shorter term debts, paying off a mortgage earlier than anticipated and thus reaping the rewards or reducing the size of repayments on an existing mortgage.