Buying a house on a mortgage can be a slow process - especially in the early days of the loan, when a large portion of your monthly payment goes to paying off interest rather than repaying the loan. So just how much of 'your' home do you own year-by-year?
This is, of course, just a rough illustration - and is based on certain assumptions:
According to the Council Of Mortgage Lenders, the median price for a house bought on a mortgage as of May 2008 was £218,151 with a loan to value of 78%. We've rounded these to £220,000 and 80%. We're also making the (unlikely) assumptions that the actual value of the house and your interest rate won't change over the length of the mortgage.
![Polling Station signage [Image: kagey b under CC-BY-NC-ND licence]](/openlearn/files/ole/ole_images/places/general-urban-scenes/polling-station-sign/polling station sign_0_0.jpg)
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