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Help with calculating redemption figure
MarkGalvin
Posts: 10 Forumite
I have a mortgage which I want to pay off with a remortgage and I have been given a redemption figure which I think is way too high by about £20,000.
The account is an interest only mortgage and has been in arrears so tracking exacly how much is owed is impossible for me, I can only rely on what the mortgage provider is saying.
Is there any way of independently calculating the redemption amount (is there a third party service who can check?) so that I can make sure that I am not being ripped off?
Thanks
Mark
The account is an interest only mortgage and has been in arrears so tracking exacly how much is owed is impossible for me, I can only rely on what the mortgage provider is saying.
Is there any way of independently calculating the redemption amount (is there a third party service who can check?) so that I can make sure that I am not being ripped off?
Thanks
Mark
0
Comments
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If it is in arrears you could be charged interest on the interest owing. This will make a difference to the outstanding amount.
Put some figures on here, I'm sure someone will have a look.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
What sort of figures should I put? It's all a bit complicated with the various arrears and payments etc....
Thanks
Mark0 -
Do you have an annual staement from last year stating the amount outstanding?
Use that as a base and list payments from then along with the interest rates.
If that's too complicated then mortgage amount, interest rate(s) and the number and dates of missed payments should help.
£20,000 sounds a big difference unless you have a million pound mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I assume someone is advising you on the re-morgage? Ask them to review the figures."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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