Old Mortgage repayment calculations

e125

I currenly have a mortgage which finishes in 2.5 years, which i have had with the same lender for nearly 10 years.
I noticed recently that my monthly repayments have been larger with the same interest rate, compaired to the same rate several years ago, although the capital will have fallen ( i am interest & capital )
Despite repeated requests to my lender to claify why this is so, they are not addressing the issue.
The timescale since my first query is now over 8 weeks, so i could go to the FOS, but first i would like to have all my payments checked by someone / organsiation etc who could calculate the true picture, just to see that i'm not being parinoid.

So does anyone know who can do this for me - i am willing to pay.

Robert

Mrs_Bumble

Did you have a 10 year fixed rate then?

e125

Hi,
No its flexiable rate. I have had it since March 2002
I should have added that the mortagage will be repaid in Feb 2112

opinions4u

e125 wrote: »

Hi,
No its flexiable rate. I have had it since March 2002
I should have added that the mortagage will be repaid in Feb 2112

Quicker than an interest only mortgage then!

Mrs_Bumble

So you are trying to compare a rate charged a few years ago on a larger balance with the same interest rate being applied now on a smaller balance but with a shorter time to clear the whole balance?

You can't compare the 2, you only have until feb 2012 (assuming the above is typo) to clear the mortgage balance so now you are literally mostly clearing the capital of the mortgage and very little interest payments, the monthly payments are structured so that your total balance will be cleared by feb 2012.

e125

Thanks Mr Bumble,
I had thought that same interest would mean at least same monthly repayment, not a larger monthly repayment.
many thanks for your help