Am I being dense or just missing something

saver03

Well, I am so rock and roll looking into my mortgage on a Saturday night!! :rotfl:

Now our fixed rate is coming to an end and the Woolwich sent us a letter saying that we would go onto their lifetime tracker with a rate of 2.99% and our monthly payment would be £404.97. We have just under £72,000 left on the mortgage so these figures don't add up. I put the information into the mortgage calculator and it said my monthly payments should be £361 and when I put in the remaining mortgage amount and the monthly payment of £404.97 it said the interest was 4.1%

Am I really missing something here, or just don't understand :think:

JenAtkins

Is your mortgage in one part? Sometimes if you have done additional lending on your property the additional loan rates which are usually higher than the standard original rate on the original loan can come to an end at a different time to the original loan.

If you have not done any additional lending I would contact your mortgage provider to double check the figures.

droiderm

Did you use 25 years or the actual term you have left ?

dimbo61

19 years left on your mortgage ?

opinions4u

The posts above point you in the direction I instinctively moved in. How long is left until the end of your mortgage?

I reckon c20 years would make the lender right.

You've not provided a rather relevant piece of the calculation.

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

saver03

Sorry yes the remaining term would have been helpful!

There's still 23 years so when I put it in the calculator link that opinions4u posted I got £364.50. I think I will give them a ring as we have not taken out any addition lending.

theoretica

Do you have any insurance in with the mortgage? Tracker rates are usually given as "2.99% above the base rate" which would raise the rate to 3.49% - still not enough to get their figure though.

saver03

My OH's life insurance is taken out separately so it shouldn't be insurance. And Barclays are 2.49% above the base rate so it's 2.99% all in. I will just give them a call, act numb and make them talk me through it!!