Confusion regarding my Santander tracker mortgage

Bedansky

Hi, I am on a Santander tracker Mortgage 2.39% including the base rate my total is 2.89%. My mortgage started 13th May 2010 with a total balance of £168,995. The £995 was the booking fee. Value of my property was £235,000. I am making repayments and as of Jan 25th 2012 I owe £161.524, My monthly repayments come in at £791.76. Am I being conned or does this seem right? I am kinda new to all this, well almost two years but I just feel I not getting the best out of it, any advise greatly appreciated ? My Mortgage comes up for renewal (?) in May, what would be the best way froward, continue with my existing deal or change?

Many Thanks, B

opinions4u

Why do you think you are being conned?

what would be the best way froward, continue with my existing deal or change?

If your deal is coming to an end, that's not an option. Staying with your existing lender may be an option - what do they have to offer?

More likely that you'll get a better deal elsewhere. Take a look at First Direct and see a mortgage broker.

kingstreet

You haven't told us the term of the mortgage, so we've no way of knowing if the capital balance now is correct.

When you look at the repayment schedule for a capital & interest mortgage, most of the interest is paid in the early years and most of the capital later on. For example, on a 25 year term, 50% of the mortgage is repaid in the last seven years.

You need to tell us the "follow-on" rate when the tracker ends to enable us to work out what you should be considering.

Thrugelmir

Bedansky wrote: »

in May, what would be the best way froward,

If you want to speed up repayment of your mortgage increase the monthly payments.

Bedansky

Thanks for the advise and info guys I am gonna find out from Santander on Monday my repayment schedule. So First Direct offer better rates I'll be sure to check them out.

Thanks again. B