Mortgage £9,000 additional interest charges

dandyjack · 22 July 2014 at 11:01AM

Hi,

I wondered if anyone could help me? I seperated from my husband in October last year and we could not pay the mortgage on the marital home from Feb 2014, it was on the market for sale and the lender was informed.

The figure to settle the mortgage in full was obtained in Feb 2014 but by the time the sale of the property was completed in June 2014 the mortgage lender had added a further £9,000 to the balance of the overall mortgage. They are saying this is interest charged on the missed payments? Is this correct?

Thank you

[Deleted User] · 22 July 2014 at 11:11AM

If you missed payments for months then clearly you have to pay a penalty. Why don't you ask for a breakdown of how they came to the figure quoted? It does seem inordinately large.

dandyjack · 22 July 2014 at 11:25AM

Yes, I have thank you they have said it will take up to 10 working days it just seemed extremely excessive and I thought it must have been an error at first but they say not.

dunstonh · 22 July 2014 at 11:29AM

If you do not pay your monthly payment, the interest gets added to the debt owed. Interest is charged on the total debt. So, yes, you would expect the balance to increase and you would expect interest to be charged on the whole debt.