Are My calcs wrong for my mortgage ( Help needed)

mateyboy

Hi

I have a £80.685 mortgage split this way

£45.061 Interest only 25 year

£35.624 Repayment 15 year term

Both with the same lender at Interest rate 5.85% paying £647 a month.

I have looked at morgagage calculaters and all have have said I should be be paying around the £550 mark .

Do you think that the mortgage company are charging me the whole amount on repayment basis instead of split between the both?

Gorgeous_George

£219.67 for the IO element plus £297.74 for the repayment element making £517.41 total.

If you are paying £647 per month that should reduce your repayment element to 9 years. Alternatively, it could reduce your total mortage to 16 years and 1 month.



GG

mateyboy

I am not overpaying to reduce the term,that is the figure they said I have to pay when I remortgaged 18 months ago.

The interest only mortgage is finished in 18 months time and I was wondering if they have calculated it wrong by charging me the whole £80.600 on repayment instead of a split between the two

Gorgeous_George

Is there a payment protection insurance included in the £647? House insurance maybe?

GG

mateyboy

No,Nothing at all

Insurance's are all seperate just the Mortgage

Locoblade

Even going repayment on the 25 year loan it would only be £285, so still under £600 a month overall with both repaying.

Its almost as if they've calculated you for repayment for the £45k over 15 years as well, as thats not a million miles away, about £670 a month?

mateyboy

thanks for all your replys

I'm going to ring them tomorrow