Tracker question

Mozette

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silvercar

Assuming that you have a repayment mortgage, the calculation is probably right. Repayment mortgages are set up so that, other than interest rate changes, you pay the same amount each month. In the early months you pay nearly all interest and in the latter months nearly all capital. Although you have by now paid off some capital, you will be paying more capital each month than in the first few months and less interest.

lisyloo

Your assumption is incorrect.
The repayments are not fixed.
Repayments increase and interest reduces, so it should be approximately the same as it was last time you were on that rate.

It could be slightly different due to 365/366 days in a year etc. so there could be minor variations.

silvercar

Another way of thinking it is that originally you were paying off XX amount over say 25 years, now you are paying a lower amount but over a shorter time span, so the repayments will need to be the same.