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A&L monthly overpayments
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I have a long standing A&L repayment mortgage and have been overpaying by around £50 each month for the last few years (the actual amount overpaid varies according to the interest rate). (Total overpayment was £550 in 2008.)
The summary box on the front of my Mortgage Account Statement for 2008 says
Opening Balance at 01/01/2008 £19671
Add Interest £1471
Less Payments £3068.88
Closing Balance £18109.40
There is no indication if I am getting any interest at all on the over-payment, or indeed how the balance outstanding is shifting from interest to capital repayment.
If I ask them how these calculations are made, how should I phrase the question?0
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