help please

soulsearcher_2

sorry this whole mortgage thing has me confuddled...it doesnt help that Abbey so screwed up my bank account i had no choice but to move it..then they still charged me stupid charges for 18 months after...i now have no faith in them whatsoever and would move the mortgage if it was that easy....

i have a mortgage with Abbey
the letter states that on 03/02/09 the rate changed so this is reflected in March's payment as i will have overpaid this month

in the letter it states
loan amount £36,254.89
interest rate 2.99%

Februarys payment 18/02/09 £267.63
March's payment 18/03/09 £266.37
future payments from April £273.69

i phoned and asked them to double check and they said its right
so here the question

as the rate has dropped why is my mortgage going up by £6.06 per month...

beecher

Have they cut your term?

soulsearcher_2

hi
no everything remains the same...thats what has so confused me and Abbey well them on the phone are like robots they just read off parrot fashion and dont answer or even listen to what is being said

Robert_Sterling_3

There is no obvious answer to your question.

barginsrus

Hi, the same thing as my notifications. I went into the branch today and it was explained as follows:-

My January 2009 notification

January's payment £193.02
February's payment £169.26
Future payments from March £189.99

February's notification

February's payment £169.26 (as per above)
March's payment £162.07
Future payments from April £172.42

As you can see it has gone down from £189.99 (future payments from March) to £172.42 (future payments from April).

February's payment was always going to be lower (according to the gentleman in the branch) when calculating future payments as Feb has less days in it and the interest is calculated on a daily basis.

If you check your last month's notification there is the real difference between the future payments from March to this months notification and the future payment from April.

Hope I have explained it correctly (and you understand).