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First mortgage payment - correct?
pippa80
Posts: 248 Forumite
Hello mortgage free gurus!
Our first payment came out yesterday and I'm not sure that it's right. We moved in on 29 October. The amount they've taken is what I was expecting (2 months repayments, plus the arrangement fee, plus the little bit of interest for the few days leading up to the 1st of Nov). However our balance is less than I was expecting!
Our mortgage is for £160,000 and our interest rate is 4.69% calculated daily and according to my nerdy spreadsheet, after our first two repayments, we should have owed £159,443. However, our balance is showing £157,961.
Am I being an idiot?
Am just about to make our first overpayment (our 'buffer' of 6 months payments :j- it's a flexible mortgage ) and want my spreadsheet to be right!
Our first payment came out yesterday and I'm not sure that it's right. We moved in on 29 October. The amount they've taken is what I was expecting (2 months repayments, plus the arrangement fee, plus the little bit of interest for the few days leading up to the 1st of Nov). However our balance is less than I was expecting!
Our mortgage is for £160,000 and our interest rate is 4.69% calculated daily and according to my nerdy spreadsheet, after our first two repayments, we should have owed £159,443. However, our balance is showing £157,961.
Am I being an idiot?
Am just about to make our first overpayment (our 'buffer' of 6 months payments :j- it's a flexible mortgage ) and want my spreadsheet to be right!
0
Comments
-
Put all the exact details down.
All fees, draw down and payments check the final account from the solicitor as well.
Check the T&C to see when interest is added.0
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