Capital + interest: you pay off part of your mortgage each month, and interest on top. By the end of your mortgage term, your loan will be paid off in full.
Interest only: you only pay interest on your mortgage each month, but none of the mortgage debt itself. At the end of your term, you'll have to pay it off in full.
Your Loan to Value (LTV) would be 80% with a deposit of £40,000.
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If you're a first time buyer, here's everything you need to know in plain English and jargon-free.
Whether you’re a long-term landlord or you just want to rent a place to a friend, you’ll need a buy-to-let mortgage.