Flactuating capital repayments on mortgage

kevin0410

Every month when i check my mortgage on Halifax online the capital repayment is very different from the previous month, sometimes higher sometimes lower. I had the understanding that it should increase very gradualy every month. Does anyone know why this is?
Regards, kevin

Mr._Nice

If it's daily interest calculation, then it could be due the varying gap between payment dates, due to different month lengths and weekends/bank holidays.
Thus the exact amount of interest accrued will vary, and so the amount remaining of your fixed monthly payment will vary, masking the long term gradual increase.

roswell

as above some months are longer than others eg feb is 28 days so you only have 28 days interest to pay. other months you have 30 / 31 days interest to pay.

cattie

I phoned the Halifax about this very thing just a couple of days ago after I'd checked the online balance on my repayment mortgage & noticed it was close on £100 more t than it had shown month

I was told that the mortgage balance shown wasn't always exact & sometimes there was a glitch in the system. The guy I spoke to told me what the real balance was & it was £310 less than the figure shown online.

The online facility for checking your Halifax mortgage balance is so basic & I do wish they would enable customers to have proper access to their mortgage account & it's activity.