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deposits on mortgages.
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zeddy1
Posts: 23 Forumite
when you pay the deposit on the mortgage does it pay of a part of the loan? for example 10% deposit on a 100k home = 90k, so you are now paying interest on just that 90k?
thanks
zed
thanks
zed
0
Comments
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Yes. you only pay interest on the amount you borrow. Your deposit is the difference between the purchase price and the mortgage.0
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thanks that clears that up for me.0
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