UKs biggest lender ends IO mortgages without evidence.

DervProf

Compiling 1 source file to C:\MortgageCalc\build\classes
compile:
DATE BALANCE MONTHLY PAYMENT OVERPAYMENT TOTAL INTEREST TOTAL PAID
Start £300000 £637.5 £0 £649.73 £649.73
Jun2010 £270000 £573.75 £30000 £6949.97 £37599.7
Jun2011 £243000 £516.38 £27000 £13146.47 £77746.17
Jun2012 £218700 £464.74 £24300 £18723.32 £120769.49
Jun2013 £218700 £464.74 £0 £24300.17 £145069.67
debug:
BUILD SUCCESSFUL (total time: 0 seconds)

"Mortgage Gate" :rotfl:

OK, I think thats the IO mortgage schedule sorted.

I'll grab a cuppa and try to introduce repayments into the equation. :think:

Sorry about the rubbish layout, I just threw it together.

Here's the column headings.

Balance, Monthly Payment, Overpayment, Total interest paid, Total Paid.

System

1999 called, they want their programming language back.

DervProf

Joeskeppi wrote: »

1999 called, they want their programming language back.

:rotfl:

I could do a GUI version, but I CBA.

Now, back to the repayment mortgage calculations.........

I'm currently testing some spreadsheet templates that do mortgage calculations. The thought of working out the calculations for a repayment mortgage are somewhat daunting at this point !

The problem is, I`m pretty c**p with spreadsheets, I`ve found one from this site which is read-only (I'm running it on Lidl Calc, I mean OpenOffice).

OK, got it working and it looks like it'll do the job...........

This is like waiting to see if we've won the Olympic or the World Cup bid.

Or maybe it's not.

PROTECTED CELLS !!!!!!

(Cue padded cell joke)

JonnyBravo

DervProf wrote: »

:rotfl:

I could do a GUI version, but I CBA.

Now, back to the repayment mortgage calculations.........

I'm currently testing some spreadsheet templates that do mortgage calculations. The thought of working out the calculations for a repayment mortgage are somewhat daunting at this point !

The problem is, I`m pretty c**p with spreadsheets, I`ve found one from this site which is read-only (I'm running it on Lidl Calc, I mean OpenOffice).

OK, got it working and it looks like it'll do the job...........

This is like waiting to see if we've won the Olympic or the World Cup bid.

Or maybe it's not.

PROTECTED CELLS !!!!!!

(Cue padded cell joke)

I did think about telling you about Locoblades spreadsheet earlier, (I use it regularly and it will do what you need), but it seemed like you were having such fun.
:rotfl:

DervProf

JonnyBravo wrote: »

I did think about telling you about Locoblades spreadsheet earlier, (I use it regularly and it will do what you need), but it seemed like you were having such fun.
:rotfl:

There are words to describe a person like you, but I am far too polite to use them here.

I am close to sussing this out.

Oh, and I`m glad to see some numbers that my "code" spewed out, match some of the numbers in the spreadsheet :j

Jimmy_31

neverdespairgirl wrote: »

Not true for me - I know lots of people who have I/O mortgages, because lots of my mates are barristers, and therefore self-employed. It makes sense to have a fixed lower payment, to help cash-flow the months where you get £350 in cheques coming in, and then pay a chunk off when you get a nice cheque in.

Plenty of the people i mentioned are self employed due to most of us working in the construction industry, i know what prices they get paid because they are the same as my prices, and if they went for the same mortgage today they wouldnt even stand a chance of being given an interest only mortgage never mind a repayment one.

They took the IO because they couldnt afford a repayment mortgage.

System

So, we've just learnt that:

- Barristers have IO mortgages because their minted but have variable income.
- Self employed chippies and labourers have IO mortgages because they are poor.

Glad that's all sorted.

DervProf

Joeskeppi wrote: »

- Self employed chippies and labourers have IO mortgages because they are poor.

Don't let RM hear you say that.

System

Is that what RM does?

ok


- Barristers have IO mortgages because their minted but have variable income.
- Self employed chippies and labourers have IO mortgages because they are poor.
- Except some self employed chippies who it seems have quite a lot of dosh and an elaborate repayment plan that involves not divorcing their wives or being hit by a meteor among other things.

DervProf

Joeskeppi wrote: »

Is that what RM does?

I don't know what he does, but he has got an IO mortgage, so I hear.