Read our cookies policy.
pstones578 wrote: »
Is it right that if I have a 25 year mortgage I cannot enter 25 years into the initial rate field?
Locoblade wrote: »
Just to note, the first proper bug has been found (thankyou lagi).
If you have a mortgage that has a a split rate, with say 5 years at 5% followed by the remainder at 6%, when you put something like £200 a month in the monthly overpayment box, it won't change the basic payment to the new rate after 5 years, so from year 5 to the end of the loan, it effectively underpays the mortgage slightly and uses some of the overpayment to make up the shortfall, in effect reducing the amount you're actually overpaying.
I'll have a look at rectifying this tonight, so if anyone is planning on spending time putting in their own mortgage figures from years past, you may want to wait for v1.1
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support