Question about early repayments for mortgage

alex_t · 2006-11-28T14:58:48+00:00

Imagine following situation: I take mortgage for £180.000 for the flat (repayment, variable rate, 90% of flat price) for 25 years. I make my payments for 10 years, and then I sell the flat - say for £250.000 (it's all theoretical of course). Now, if at this moment I will decide to repay my mortgage, how much would I actually need to repay? (excluding possible early repayment charges) Initial borrowing amount? (£180.000) Initial flat price? (£200.000) Total sum of repayment for 25 years? (£360.000) I know, this is weird question, but I'm newbie (and at least a year away from my first mortgage, so I will have enough time to learn hopefully ;-)