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interest increased by £100 on fixed rate mortgage
vavitch_2
Posts: 3 Newbie
Hello.
I'm hoping someone can explain this increase to me. My statement says interest paid as follows:
Mar £285.55
Apr £371.96
May £383.65
Jun £370.84
Jul £382.41
Would anyone know why such a big hike from March to April? I'm on a fixed rate mortgage with Halifax.
Thanks
I'm hoping someone can explain this increase to me. My statement says interest paid as follows:
Mar £285.55
Apr £371.96
May £383.65
Jun £370.84
Jul £382.41
Would anyone know why such a big hike from March to April? I'm on a fixed rate mortgage with Halifax.
Thanks
0
Comments
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When did you take the loan out?
What rate is applicable?
What day of the month does your mortgage payment come out of your account?0 -
Did your fix end in March?
The variations in the other months are down to the number of days in the month, but the jump in March/April can only be due to a rate change.
What is/was the fix? Does your mortgage amount and term based on 3.99% equate to the new monthly payments?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The March interest is from 9th March to 31st March as Halifax changed onto their new system from that date. The April is 30 days, May 31 days, June 30 days and July 31 days. When you look at the letter that advised you Halifax were changing your reference number that was sent around March this year this will include interest upto 9th March
HTHI love a bargain and saving money! I don't have any debts and mortgage repaid in 20200 -
Aha.
A bit of accrued interest to sync the calculation dates. That would work if the fix hasn't ended.
I knew they had made alterations, I didn't realise they'd changed the accounting date too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the responses. I guess I should read the letters they send
Though in answer to questions
Borrowed feb 2010 for 2 years. Renewed fixed rate for another 2 years in may 2012 at 4.49%. Pay mortgage on 1st.0 -
Oh and knew the differences from apr to jul were due to number of days in the month. Weren't bothered about that.0
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