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4 years on.... Very little repaid ??!!

Minute · 2011-01-31 17:19:33

Hi, We are first time buyers, and got a repayment mortgage 4 years ago at a fixed interest rate of 5%. The yearly statements are very confusing for one, but what really worries me is that it seems that despite the fact that we repay a lot of money every month, AND brought forward some 35 grand deposit to start with, we…

Comments

Doshwaster Posts: 6,351 Forumite

5 February 2011 at 7:52PM

Yes, I bought last June and just received my first mortgage statement last week. I've only paid off about £500 in capital in that time. It's very sobering.

Hopefully now that things have settled down getting the house sorted out I'll soon be in a position to start making overpayments. Looking at the calculators, it's amazing what difference even £50 a month can make.

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