Mortgage balance going up!!!!

mikeopvc

I decide to start making regular overpayments to my mortgage, when I log in to halifax I can see my halifax credit card account and also my HBOS mortgage account, the mortgage account has the balance showing in red.

I just logged on this morning and was shocked to see the mortgage balance has gone up, I know this as I printed the page off on 29th may with the balance showing so I could keep track of my overpayments going in. I just printed it again and the mortgage balance is higher.

What's going on?

getmore4less

Probably added the interest for the month.

maninthestreet

Interested is calculated daily, but may not show on the account balance until the end of the month. What is the mortgage debt, and how much has the balance increased by?

mikeopvc

maninthestreet wrote: »

Interested is calculated daily, but may not show on the account balance until the end of the month. What is the mortgage debt, and how much has the balance increased by?

printed on 29th may - £140,715.54

printed today - £140,909.18

up by- £193.64

I set up a standing order to pay £100 per month off, looks like that won't cover the interest then!

getmore4less

The normal mortgage payment should cover that.

Whats you interest rate, normal payment,and term?

beecher2

They will have added the interest for the month up to the 29th when you made the overpayment - it'll all even out when your next normal mortgage payment is made. I've found the same thing has happened with Halifax every time I've made an overpayment - their systems aren't that user friendly.

mikeopvc

Most of it is 5.59% with the rest being a tracker @ 1.340 above base rate.
Normal payment is £818.46 and we have about 24 years left:o