We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Calculating mortgage repayments
lancenotalot
Posts: 5 Forumite
Does anyone know how abbey calculates its mortgage payments?
I have a repayment mortgage,in dec 2009 we owed £54000,we made a payment of £5000 to bring down the monthly repayments.
They were £442 per month and have gone down to £402,term left is 15 yrs 8mths.
I expected the lump sum to reduce the monthly repayments by more than £40.
Is there a calculation or formula for these things??
I have a repayment mortgage,in dec 2009 we owed £54000,we made a payment of £5000 to bring down the monthly repayments.
They were £442 per month and have gone down to £402,term left is 15 yrs 8mths.
I expected the lump sum to reduce the monthly repayments by more than £40.
Is there a calculation or formula for these things??
0
Comments
-
[QUOTE=lancenotalot; I expected the lump sum to reduce the monthly repayments by more than £40.
Why0 -
Type 'locoblade' into the forum search screen, and you'll get a brilliant tool which allows you to do loads of things, including working out the impact of overpayments.0
-
thnx,thats a lot of help!VIGILANT22 wrote: »[QUOTE=lancenotalot; I expected the lump sum to reduce the monthly repayments by more than £40.
Why
Found a mortgage calculator and it seems that it is correct,pehaps I should have kept the payments the same and reduced the term.0 -
lancenotalot wrote: »pehaps I should have kept the payments the same and reduced the term.
Just ask Abbey / Santander to reduce your term to whatever monthly payment is affordable. You can do this any time.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards