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Interest question

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  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    clairebeth wrote: »
    But yes, you pay interest for the whole time you have a mortgage. If you look at your initial letter from your lender, it should have a bit that says 'this will cost you £125000 over 20 years', or similar.
    Just to add that sentence is based on you making all of your payments on time, no overpayments, no early or late payments, you revert to the SVR and the SVR remains the same for the ful 20 odd years.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • clairebeth
    clairebeth Posts: 299 Forumite
    Ninth Anniversary 100 Posts Name Dropper
    Yes, what ACG said ^^.
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