Two Mortgage Queries

Liz33

I'm in the process of remortgaging but i've just rang up the Abbey who i've got my current mortgage with to establish what is outstanding. I originally took out £128K on a two year fixed rate deal of 4.89% which expires on 2nd May. The Abbey told me that I owe £123,219.82 but when I arranged this my financial advisor gave me a sheet which listed a repayment table showing how much I should owe at the end of each Mar, this sheet said at the end of Mar 07 I should only owe £122,502.88. Does anyone know if these repayment sheets are only a guide? (When I rang them today they said this should be correct and to speak to Abbey but Abbey ssent me back to them) I haven't missed any payments or borrowed more money.

Also when I took my Mortgage deal the repayment fee was quoted as £99.00 but in brackets they wrote (current fee and may change when your mortgage is repaid at the end of the mortgage. They are now quoting £225.00 this seems a big jump in 2 years, can they do this?

Thanks for your help

Liz33

I didn't add these onto my mortgage I paid all fees upfront.

Little_Miss_Winner

How much have you paid each month since you set up the arrangement?

Little_Miss_Winner

And is it a repayment ?

Liz33

I've been paying £740.09 per month and it is a repayment

Rick62

You probably actually took the mortgage later than the date the illustration was done for. eg, if illustration assumed it started in March but it actually started May then you would have 2 less months of repayments.

Little_Miss_Winner

The figures so far seem correct paying £740.09, on a repayment mortgage of £128k over 25 years, does work out as a percentage @ 4.89%.

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BUT when i then worked out you had paid £740.09 @ 4.89% for 24 months (2yrs) the balance i then get is £122,696.97,

Little_Miss_Winner

Sorry i get £122,447.05 .

The figure i quoted above was at the start of month 24 i think, not the end.