Yes - You pay BT £1.75 per month for the service.
Callers pay the same to call your number, lots of people seem to be confused about this. But if you're calling a number starting 01, then you're charged at the rate for calling the number - if it's diverted then the person with the number pays for the divert.
If your calls go through BT, then your calls will appear on the BT bill just as if you had made the call directly - so if your BT line is going to your mobile everytime someone calls you you'll be charged as if you're calling your mobile from the line.
If your calls are billed by another provider via CPS - then they'll bill you for the call.