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The
first figure gives the total monthly payment for a straight repayment
mortgage, including both interest and payment towards the capital
loan amount. This reduces the amount owed on the capital, month
by month. The second figure shows the amount of interest payment
only.
Anyone
opting for an interest-only mortgage, such as linked to an endowment
or pension savings policy, will need to add the cost of the monthly
premiums of the policy to the interest figure above. On maturity
the savings policy is intended to pay off the capital loan
These
figures are only a guide. We recommend that you obtain exact figures
from a specific lender before committing to any mortgage.
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