Black Magic Mortgage Interest Calculations?!

chivalry21

Hi All,

I'm looking for a little advice on my annual mortgage statement that's just come in. My bank look as if they have not started my fixed rate deal as agreed, and in fact started it 2 months late. On the statement there are various interest 'adjustments' that have been made which look to have reduced the product fee.

I wasn't informed of how the calculations were made and my maths isn't really up to checking what the adjustments and subsequent interest relate to.

I think bottom line at the very least I should have received a letter describing what had been done and why, but I haven't had anything.

I'm not quite sure how to proceed with the bank and I'm just looking for some advice on what, if anything, I can do to check or resolve this issue?

Thanks in advance!

*David*

Hi,

Have a look at this mortgage calculator
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

or this one

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

If this does not help phone them up and ask them to explain the charges and calculations, and do not put down the phone until you understand what the charges mean.

Good Luck !

chivalry21

Hi David,

Thanks for the reply. Do you think it may be an opportunity to switch to the current fixed rate or current variable rate as the bank haven't kept to their side of the arrangement? i.e. not starting deal as agreed, not providing description of what they did to rectify their error?

Thanks
Andy

*David*

"Do you think it may be an opportunity to switch to the current fixed rate or current variable rate as the bank haven't kept to their side of the arrangement"

I can not give you any advice on this, but there are plenty of very knowledgeable people on this forum who may be able to.