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The first figure gives the total monthly payment for a straight
repayment mortgage, including both interest and the payment toward the
capital loan amount. This reduces 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, PEP or pension saving 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 comitting to
any mortgage.
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