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Is my mortgage company overcharging me interest?

ntadmin · 2014-11-15 17:01:51

According to my (ex) mortgage company, interest on mortgages is calculated daily and capitalised annually. This means that each day the daily interest for the debt is calculated and added to the "interest for the year so far" pot which is added to the mortgage at the end of the year. When checking the figures, I discovered…

Comments

Thrugelmir Posts: 89,546 Forumite

15 November 2014 at 10:48PM

getmore4less wrote: »

Go back to the first post

This mortgage was sold(described by the lender) to the OP as daily interest annual capitalisation.

that is different to annual interest that you described.

I repeat "Not a methodology I am familiar with. "

Seems as if we are going round in circles.

So I'll depart the thread at this point.

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