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mortgage repayments
skintkitty
Posts: 1 Newbie
Hello Everyone,
I have just done a quick calculation and it seems that I have paid OVER £60k in mortgages payments over the last 8 years yet only reduced the debt by £5K.
Does this sound as if I have been sold a very bad deal?
Our property has increased in value so we do have some equity but I thought we were being cautious by getting a repayment mortgage - I didn't realise that we would be paying back such a tiny amount.
I would be very grateful for any thoughts/comments.
Many Thanks
SKxx
I have just done a quick calculation and it seems that I have paid OVER £60k in mortgages payments over the last 8 years yet only reduced the debt by £5K.
Does this sound as if I have been sold a very bad deal?
Our property has increased in value so we do have some equity but I thought we were being cautious by getting a repayment mortgage - I didn't realise that we would be paying back such a tiny amount.
I would be very grateful for any thoughts/comments.
Many Thanks
SKxx
0
Comments
-
The majority of your payments have been used to pay the interest on the mortgage, only a small proportion has been used to reduce the mortgage principal. Use the following mortgage calculator :
http://www.jeacle.ie/mortgage/uk/"You were only supposed to blow the bl**dy doors off!!"0 -
It's also possible that you had arrangement fees added at the beginning which meant the balance was increased to start with.0
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