The total amount payable on a mortgage highlights the total cost of that mortgage. This includes the original amount borrowed and the interest that has accrued on the mortgage during its lifetime.
The amount you eventually pay back once the loan has ended depends on several factors. Interest is charged on the loan throughout the loan period, and this rate will likely vary. The longer you take out the loan for, the greater the total amount payable will be, even if you change lenders and deals along the way.
Those on variable rate deals may find they end up paying more if interest rates rise during their mortgage term. Those on a fixed rate deal would continue to pay the rate shown even if the base rate set by the Bank of England rose considerably during their mortgage term. Hence why many borrowers prefer the security of a fixed rate deal, which can run over a year or more (and sometimes up to five or even 10 years).
Some mortgages allow you to pay more than the amount required each month too. One good way of bringing down the total amount you’ll pay for your mortgage is to overpay whenever you can, assuming your loan allows you to do this. Even small overpayments could make a huge difference to the total amount you end up paying by the time your mortgage ends. You will also build equity in your property far more quickly than you would otherwise.
You could also reduce your mortgage term, which means you’ll own your home free and clear a lot sooner than you would if you simply made the regular monthly payments. Remember to check with your lender whether you can overpay before doing so.