mortgage repayments

ajk_2

hi everyone,

i posted this query on the mortgage section but i wondered if any of you had any thoughts on this. i have a mortgage of £102000 (5.18%) and asked nationwide to reduce the term to december 2011. the repayments are to start in april and will be £2499 (45 month term). however the nationwide have now said their calculations are incorrect and should be £2551 (?44 months)

would appreciate you comments
thanks

also thanks to everyone for sharing your wannabe mortgage free stories, this thread gets addictive.

dimbo61

It might well take Nationwide a month to get the new DD set up and then you have a month less to pay off the mortgage !
Cant work out the figures on "whatsthecost" because it only works out years not months!

Trying_to_be_good

The figures are right for 44 months and 45 months left for repayments.

If the higher payments start in April there should be 45 payments to include one in Deceomber 2011, but if they either start in May, or the last one is in November 2011, it'll be only 44 repayments.

I suggest you check when the first and last payments will be (could be that you're mortgage free a month early!).

ajk_2

the nationwide are taking the first payment on 1st april 09 and the last in dec 2011. they initially quoted £2499 but then said there was an error and it should be £2551 for the SAME TERM! i have asked them to explain the error in writing.