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Discrepancies on statements
choughed1
Posts: 2 Newbie
I have an interest only mortgage with Bristol and West covered by an endowment policy that is set to easily cover the balance of the purchace price .
However with the end of my mortgage in sight I have been going back over my old statements and noticed something very disturbing .
I bought my house from the local council after leaving the Army and discovering that all the time I spent in the Army counted towards the discount so I bougt a house that they valued at £25,000 20 years ago for only £13,000 .
On date 01/04/97 the interest rate was 7.25% and my payment was £69.33.
On date 01/04/01 the interest rate was 7.25% and my payment was £81.54.
How can it be that with everthing constant that the payment in the second case is so much more .
This is only one example of a theme that goes right through the term of the mortgage but comparing similar interest rates on different dates throws up wide ranging differences in payments . Can anyone tell me why this should be so?
However with the end of my mortgage in sight I have been going back over my old statements and noticed something very disturbing .
I bought my house from the local council after leaving the Army and discovering that all the time I spent in the Army counted towards the discount so I bougt a house that they valued at £25,000 20 years ago for only £13,000 .
On date 01/04/97 the interest rate was 7.25% and my payment was £69.33.
On date 01/04/01 the interest rate was 7.25% and my payment was £81.54.
How can it be that with everthing constant that the payment in the second case is so much more .
This is only one example of a theme that goes right through the term of the mortgage but comparing similar interest rates on different dates throws up wide ranging differences in payments . Can anyone tell me why this should be so?
0
Comments
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Lots of people have lookied at my message but no replies does nobody know why there are such big differences :mad:0
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:spam:
reported#KiamaHouse0
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