Small overpayment has increased our monthly instalment?

happy_peach

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.

Alchemilla

It sound like a typo unless you have very stringent repayment penalties?

black_taxi_2

bank charges you 28% fee on a £5 overpayment

that's the biggest rip off I've ever heard of