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SquatNow

I believe I speak on behalf of all tax payers when I say that we'd lke that £1000 back please.

SMI is supposed to stop you become homeless, not pay off your mortgage for you.

Bullfighter

cj34 wrote: »

Please be nice to all MoneySavers. That’s the forum motto. Remember the prime aim is to help provide info and resources. If you don’t like someone, their situation, their question or feel they’re intruding on ‘your board’ then please bite the bullet and think of the bigger issue.

Surely if the post was a valid and ethical MSE question you wouldn't have had to delete the OP and moderate it, would you?

Crinz

If you want an actual answer as to why they wont amend the monthly payment it is probably because it is such a small amount. My company wont amend a payment when there is less than £2 a month difference.
NR probably do the same

Nationalist

I think you got something for nothing, don't look the gift horse in the mouth.

daedalus42

Actually, while the purpose behind the OP's question may be ethically problematic for many of us, the answer is quite interesting!

Many (perhaps most) mortgage lenders only reset the balance on which interest is due on a mortgage loan annually. So however much principal you pay off, it is only after the yearly reset occurs that your interest payments reduce to reflect this.
Perhaps the way to think about this is that you pay interest for who year, but it is in monthly installments.

This may not be fair, but it is the way many institutions operate.

Crinz

daedalus42 wrote: »

Actually, while the purpose behind the OP's question may be ethically problematic for many of us, the answer is quite interesting!

Many (perhaps most) mortgage lenders only reset the balance on which interest is due on a mortgage loan annually. So however much principal you pay off, it is only after the yearly reset occurs that your interest payments reduce to reflect this.
Perhaps the way to think about this is that you pay interest for who year, but it is in monthly installments.

This may not be fair, but it is the way many institutions operate.

This may be the case on an annual interest mortgage but it is more common to find a daily interest calculation or monthly at a push. This means the interest is calculated on the balance on a daily basis.

i.e. paying your mortgage on the first of each month rather than the 28th results in lower interest payments

dunstonh

Please be nice to all MoneySavers. That’s the forum motto. Remember the prime aim is to help provide info and resources. If you don’t like someone, their situation, their question or feel they’re intruding on ‘your board’ then please bite the bullet and think of the bigger issue.

This forum is not here to encourage you to act fraudulently or find ways to help you commit benefit fraud.

_Andy_

dunstonh wrote: »

This forum is not here to encourage you to act fraudulently or find ways to help you commit benefit fraud.

Get with the times dunston - fraud on these forums is encouraged and condoned. Being truthful/lawful is SO last season!