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Mortgage Interest
cplusb
Posts: 20 Forumite
Just a quick question which will probably have an obvious answer...
Is the interest on a repayment mortgage applied at the end of the calendar year? For example, the balance that I can see on my mortgage statement today will be a bit higher in January due to the interest?
Thanks.
Is the interest on a repayment mortgage applied at the end of the calendar year? For example, the balance that I can see on my mortgage statement today will be a bit higher in January due to the interest?
Thanks.
Current redemption date - 2044!
Mortgage 1 - 2.5%, end date as above
Mortgage 2 (top-up) - 5.19%, overpayment of £50 saves us £14,500 in interest & pays off 9 years early
Mortgage 1 - 2.5%, end date as above
Mortgage 2 (top-up) - 5.19%, overpayment of £50 saves us £14,500 in interest & pays off 9 years early
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Comments
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It depends on the provider. Mine is calculated daily and added monthly but others will differI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
I'm with Nationwide if anyone knows the deal with them?Current redemption date - 2044!
Mortgage 1 - 2.5%, end date as above
Mortgage 2 (top-up) - 5.19%, overpayment of £50 saves us £14,500 in interest & pays off 9 years early0 -
When I had a Nationwide mortgage I could view it online and the interest was calculated and added daily.Re-mortgaged 20/04/12 MTiT-T3 No.7Start balance £89611.10 + £22500 = £112111.10/Current balance £85436.53
Original Mortgage Free Date April 2032
Target Mortgage Free Date July 2022/Currently August 2029 (based on no offset)
Total overpayments from 20/04/12: £8152.950
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