Why would mortgage balance increase?

xxSaffronxx

Just checking my husbands credit file on the mortgage he has with his ex and over a year the balance has been as follows:

£117,354 @ June 2011
£117,770 @ July 2012

So not only has it not reduced after a years worth of payments, but it has increased by £416.

Why would this happen? Considering todays rates I wouldnt have thought that would have caused it?

For the last 4 months, the balance has stayed at £117,770 so am I to assume his ex has had a payment holiday?

sammyjammy

Either that or they've changed the mortgage to interest only, in fact you could be spot on, if a payment holiday was taken then the interest would continue to accrue on the mortgage increasing the amount owed. If its not a payment holiday it could be the mortgage went into arrears at some stage.

Senior_Paper_Monitor

Interest only + insurance - frankly any combination


If he is on mortgage he is entitled to copy statement - get one

Thrugelmir

xxSaffronxx wrote: »

£117,354 @ June 2011
£117,770 @ July 2012

On what dates? As timing may well make a difference.

In any event the mortgage appears to be interest only.