mortgage balance GONE UP!!!

xyellowx

Hi All

Have recently set up online banking and can see our mortgage balance so we wrote the figure down 3 weeks ago and said we would write it down monthly just to see how much its going down.

But when logged onto online banking today the figure has gone up :eek: by about £130.00.

We are on a base rate tracker repayment mortgage.
To be honest we have had mortgage statements in the past but have not really looked at them and filed them away.

Any ideas why the outstanding amount may of gone up?

TonyMMM

That will be the interest being added each day .... balance will increase every day and then drop when you make a payment ...then build up again as interest is added.

Have you made a payment in between checking the balance ?

getmore4less

Some lenders add the monthly interest at a different time to the payment dates.

Eg: For a lot of Barclays loans the interest is added on the turn of the month the normal payment is the 16th

You could monitor for a month to see what happens.

xyellowx

not sure if have made a payment between checking amounts will check that.

That might explain it, will monitor it for the month before and after our payment.

Thanks for your help.

xyellowx

interest must have been added at end of month, our mortgage payment date is the 15th.

Will check tomorrow all past payments and interest on statements from day 1.

pbryd

I noticed this once and I think it ended up being the yearly building insurance added on one month.