How much interest will I pay?

Posted on 20 October 2012 by Steve


I have a £100,000 over eight year mortage if I pay it of in 3 years would I need to pay all the intrest on £100,000

Almost every lender now charges interest on a daily basis, so that you are only charged upto the day the mortgage is fully redeemed, whether that's the last day of the term or in three years time. Your query doesn't say whether the loan is on an interest only or repayment basis. If you would like to let me know some more details, then I can give you a fuller answer.

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