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Bank calculated wrong repayment amount?
pippa80
Posts: 248 Forumite
Hi all,
I've just been playing around with an overpayment calculator and am either doing something stupid or there is a mistake with our mortgage offer!
We are borrowing £160000 over 25 years with an initial rate of 4.69% for 3 years. According to the overpayment calculator, this would make our monthly repayments £906.67. However the offer from the bank says our repayments will be £903.26.
Am I missing something?
Pippa
I've just been playing around with an overpayment calculator and am either doing something stupid or there is a mistake with our mortgage offer!
We are borrowing £160000 over 25 years with an initial rate of 4.69% for 3 years. According to the overpayment calculator, this would make our monthly repayments £906.67. However the offer from the bank says our repayments will be £903.26.
Am I missing something?
Pippa
0
Comments
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Could be the calculator you use is working in monthly interest and the lender is working in daily interest.I am a Mortgage AdviserYou 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
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Ah yes, I think that's it!0
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