Possible Mortgage Scam!

Noz

artlaw, please don't hijack other people's threads. Like you say - you signed up to this condition, though check if you mortgage is portable to a new property with your current lender.

Melissa177

Is paying in advance standard?

I currently pay one month in arrears with Scottish Widows. I rang to check this was correct, and they confirmed that yes, I am expected to pay one month in arrears!

Interesting.

regularsaver1

were you not informed of this by your adviser?

chivers1977

The payment is taken on 16th of month and is applied to the mortgage on that date. Interest is applied on last day of the month. Therefore you are better off as the balance is lower for those days. You benefit from this.

Tariff of charges states £25 for a special calculation. What you are asking for in terms of a projection will take someone a long time to do manually.

Broken interest is a normal thing. It is in your T&C that you signed to say that you agreed.

Melissa177

Thinking about this - I am assuming that Woolwich take the payment on the 16th so that neither party benefits? This way, you are sharing the additional interest accrued on your loan during each month.

This makes good sense - if you were paying one month in arrears (like I am), you would be benefitting. If you were paying at the start of the month, Woolwich would benefit. So they take it on the 16th, and you benefit - but only slightly.