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Mortgage question
lez5075
Posts: 21 Forumite
Hi all,
I was wondering if someone is able to help. I understand that even with fixed rate mortgages, there is still interest that is applied to the outstanding capital. That interest of course varies according to the no of days in each month. I received my annual statement earlier and I was wondering how do I know for sure that the interest that has been calculated and applied to my outstanding capital by the mortgage provider is correct? Is there a way of checking both past years and present to see whether the interest has actually been calculated correctly? The reason I ask is because there has been much talk in the news that many providers miscaclulating many things so I just wanted to check. I know my monthly fixed payments are correct but I dont know whether the interest that is applied to the outstanding capital is the right amount.
Is there a weblink or other source that can be used to check it?
Many thanks.
Lez
I was wondering if someone is able to help. I understand that even with fixed rate mortgages, there is still interest that is applied to the outstanding capital. That interest of course varies according to the no of days in each month. I received my annual statement earlier and I was wondering how do I know for sure that the interest that has been calculated and applied to my outstanding capital by the mortgage provider is correct? Is there a way of checking both past years and present to see whether the interest has actually been calculated correctly? The reason I ask is because there has been much talk in the news that many providers miscaclulating many things so I just wanted to check. I know my monthly fixed payments are correct but I dont know whether the interest that is applied to the outstanding capital is the right amount.
Is there a weblink or other source that can be used to check it?
Many thanks.
Lez
0
Comments
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there are lots of mortgage calculators that will give an approximate result
try ' mortgage amortisation calculator ' in a search engine0
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