Repayment term calculation oddity

mike004

I have the following mortgage with the Halifax.
65k Repayment mortgage, 20 year term, Standard variable rate
I have been making extra repayments over the years, so I am getting nearer to the end!

But can anyone explain these figures, shown when I query my mortgage account online:

Balance £8472.38
Repayment term 6 Years
Monthly payment £336.22

6 years @ 336.22 per month is about 24k!
How do they calculate this figure of 6 years?

Thanks,
Mike

wynnvegas

Hi Mike,

I have the same thing with HSBC - I don't think they bother amending the details at all - must be nice for those people who don't keep a tight track of things and just get a letter one day saying that they've now not got a mortgage! We're still scheduled to be paying £823.06p/m for the next six years!

Cheers,

Billy

mike004

wynnvegas wrote: »

Hi Mike,

I have the same thing with HSBC - I don't think they bother amending the details at all - must be nice for those people who don't keep a tight track of things and just get a letter one day saying that they've now not got a mortgage! We're still scheduled to be paying £823.06p/m for the next six years!

That might explain it...
I reckon to pay back £8.4k at £330 should take between 2 and 3 years.
Just hope I can hang on to my job until then.
Mike