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Confusion with Mortgage Rate.
Barebear
Posts: 118 Forumite
We moved into the house in July '05 and went onto the discounted rate of 4.49%. We borrowed £68,000 plus fees. I had some difficulty in making payments and although I'm now up to date, I have been informed that the account will run as follows:
Letter details:
SUMMARY OF THE FUTURE PAYMENTS
Date of Effect: 1 Nov 06
Monthly Payment: £259.05
Date of Effect: 1 Dec 06
Monthly Payment: £260.40
Date of Effect: 1 Oct 07
Monthly Payment: £387.52
INTEREST RATES
Your account is on the following products:
Date of Effect: 1 Nov 06
Product code: FRA877
Product Type: Fixed
Interest Rate %: 4.49%
Date of Effect: 1 Nov 06
Product code: HVR001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
Date of Effect: 1 Dec 06
Product code: FRA877
Product Type: Fixed
Interest Rate %: 4.49%
Date of Effect: 1 Dec 06
Product code: HRV001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
Date of Effect: 1 Oct 07
Product code: HRV001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
I got this letter in October 06 and have been surprised to see that my DD payments for December and January have both been £256.43. How do I work out what my payments should be from the detail given above. It's really confusing.
Letter details:
SUMMARY OF THE FUTURE PAYMENTS
Date of Effect: 1 Nov 06
Monthly Payment: £259.05
Date of Effect: 1 Dec 06
Monthly Payment: £260.40
Date of Effect: 1 Oct 07
Monthly Payment: £387.52
INTEREST RATES
Your account is on the following products:
Date of Effect: 1 Nov 06
Product code: FRA877
Product Type: Fixed
Interest Rate %: 4.49%
Date of Effect: 1 Nov 06
Product code: HVR001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
Date of Effect: 1 Dec 06
Product code: FRA877
Product Type: Fixed
Interest Rate %: 4.49%
Date of Effect: 1 Dec 06
Product code: HRV001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
Date of Effect: 1 Oct 07
Product code: HRV001
Product Type: Halifax Standard Variable Rate
Interest Rate %: 6.75%
I got this letter in October 06 and have been surprised to see that my DD payments for December and January have both been £256.43. How do I work out what my payments should be from the detail given above. It's really confusing.
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