My mortgage balance is not reducing as quickly as I expected, why is this?

For a capital and interest mortgage, the amount of capital paid each month will be less in the early years of the mortgage but will steadily increase each month and in the later years of your mortgage the balance will reduce at a faster rate. The amount of capital repayment will also change to take account of any interest rate changes on the account, so you may notice an increase or decrease in the amount of capital paid each month following a change to the interest rate as the payments adjust to the new schedule.

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