We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

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 11:48PM

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.

0