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Small overpayment has increased our monthly instalment?
happy_peach
Posts: 34 Forumite
Hi All
We're finally at the stage where we want to start paying off our mortgage. We're on a repayment mortgage with no fixed rate.
I paid £5 extra by standing order (using the details given by BOS), but today we've received a letter thanking us for the payment and telling us our new monthly payment amount. This has increased by £1.44 a month.
I'm not able to call them until tomorrow, but I was wondering if anyone had any experience like this?
Thank you.
We're finally at the stage where we want to start paying off our mortgage. We're on a repayment mortgage with no fixed rate.
I paid £5 extra by standing order (using the details given by BOS), but today we've received a letter thanking us for the payment and telling us our new monthly payment amount. This has increased by £1.44 a month.
I'm not able to call them until tomorrow, but I was wondering if anyone had any experience like this?
Thank you.
0
Comments
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It sound like a typo unless you have very stringent repayment penalties?0
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bank charges you 28% fee on a £5 overpayment
that's the biggest rip off I've ever heard of£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000
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