davegtt

OK can someone have a quick look at this and tell me Im not being stupid. I know its been a few years since I left school but Im sure my Maths isnt that bad.

As of the 3rd of November a redemption figure for my mortgage stood at £104402. Now Im remortgaging with no redemption penalties etc and its took all this time for it to go through (dont ask, something about women ******* you over ) Anyway, Ive been paying £630 a month every month since then towards the mortgage.

1st of December
1st of January
1st of February
1st of March
1st of April

now on the 30th of April the new mortgage should complete and the mortgage company are suggesting my final figure for the old mortage is £104260

Naturally I quiered this. Im paying 5.1% interest and paid 5 payments since the last statement. Now using my maths I work out £443 is interest out of the £630 I pay. after 5 payments my Mortgage should be down to £103462.

I know its only £800 difference but its £800 which could be my party money for a couple of weeks.

Anyone know if its my Maths thats to blame or are they right? They are supposed to be ringing me back with an explaination but so far nothing.

TIA

D

Pete The Biker

Don't forget that because of the timing of the redemption figures, you will have accrued almost 6 months interest but only made 5 X £630 repayments....

Even so, that only accounts for say £400 of the difference.........


Pete The Biker

LG John

5.1% is a monthly interest rate of 0.425%

Thus the interest for month 1 is 104402+.425%-630 = £104215
Month 2 104215+.425%-630 = £104028

and so on...

Sound to me like you are being 'charged' somewhere.

davegtt

Yeah I calculated about £200 of capital paid back every month

One thought I came up with was my mortgage was frozen after Decembers payment when I signed the mortgage offer but its dragged on with the solicitors so they have been taking my money every month to pay the interest on the account but not changing the capital due to the mortgage being frozen.

They are thick as **** on the phone, might send them an email with my figures and see what I get back...lol

Claaarkio

iTrader: (1)

Have you got a final statement from the mortgage lender mate? this will have all payments on inc. any charges for closing the mortgage etc.. this would then be crystal clear

davegtt

lol I understand that, if I had that I wouldnt need to be asking the question now would I Dave? I rang them and asked for the statement or explanation

They sent it too my solicitor and not me so I dont have the copy.

Claaarkio

iTrader: (1)

Ask the solisitor for a copy problem solved

davegtt

Stop getting smart with me

I will speak to them later cause I need to check they got my bank transfer so we can complete on Monday.... The its all mine, mine I tell you!!!!!

Party at Dave's on Monday night guys

speedking

Looks like you've only had the mortgage about a year? Is the redemption charge on top of the figures you quote above?