Mortgage Interest??

results

I have just been checking my mortgage details as they have recently been added to my halifax online account. Can anyone explain why the interest charged would be £136 for March, £176 for April and £181 for May??? I have a fixed rate mortgage of 5.69%. Shouldn't the interest be going down as the amount borrowed does not up?

Thanks

CLAPTON

possibly connected with the days in the period?

pcgtron

Same as mine.
The period only started with the new online system a few days into March hence a lower rate in March than April. The difference between April and May is 30 days in April and 31 in May, hence the difference

results

Ok Thanks for the info

ValHaller

CLAPTON wrote: »

possibly connected with the days in the period?

pcgtron wrote: »

Same as mine.
The period only started with the new online system a few days into March hence a lower rate in March than April. The difference between April and May is 30 days in April and 31 in May, hence the difference

£136 - March - 31 days
£176 - April - 30 days
£181 - May - 31 days

I do not buy the idea that is is the number of days in the month. The length of the accounting period may be relevant, but it needs the lender's full explanation

pcgtron

ValHaller wrote: »

£136 - March - 31 days
£176 - April - 30 days
£181 - May - 31 days

I do not buy the idea that is is the number of days in the month. The length of the accounting period may be relevant, but it needs the lender's full explanation

The system did not start at the beginning of March. I phoned up Halifax when my interest went up and their calculations started on the 8th/9th of March as that is when the new Halifax system started.

ACG

It may also depend on your payment date and the date the DD actually went through. Im pretty sure its daily interest, if your payment is due on say the 1st but the DD didnt go through until the 3rd because of a weekend, you have incurred an extra 2 days interest.

results

pcgtron wrote: »

The system did not start at the beginning of March. I phoned up Halifax when my interest went up and their calculations started on the 8th/9th of March as that is when the new Halifax system started.

I understand what you are saying but just because it wasn't added to our system until 8th March surely this info should be available from the beginning of your mortgage?? Typical Halifax.

Goldiegirl

results wrote: »

I understand what you are saying but just because it wasn't added to our system until 8th March surely this info should be available from the beginning of your mortgage?? Typical Halifax.

It would still be available, but it's on a different system, so they can't show it on the current online system.

If you were really worried about it you could ask them what the interest charged was for the few days in March that doesn't show on online ....and for any other previous month for that matter.

pcgtron

results wrote: »

I understand what you are saying but just because it wasn't added to our system until 8th March surely this info should be available from the beginning of your mortgage?? Typical Halifax.

Agreed.
My mortgage payments come out of a Halifax account into a Halifax Mortgage and it still takes a couple of days to show up online. Doesn't take a couple of days to leave my account though!

Goldiegirl

pcgtron wrote: »

Agreed.
My mortgage payments come out of a Halifax account into a Halifax Mortgage and it still takes a couple of days to show up online. Doesn't take a couple of days to leave my account though!

Back in the day, when the Halifax really was the Halifax, if you paid your Halifax mortgage from a Halifax current or savings account, the money would go on to your mortgage on the same day.

However, when Lloyds took over, they changed the system, and mortgage payments had to go on to the direct debit system. So, just like any other direct debit, the money will leave your current account, and arrive at it's destination a couple of days later.