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Mortgage Repayment Calculations - Have I been mis-calculated?
bazfry
Posts: 1 Newbie
Hi
I had a fixed rate repayment mortgage with ING for 3 years.
The monthly payment was fixed (as you would expect), but the amount that my mortgage was reduced each month changed sometimes quite substantially. I thought it could be due to the number of days in the month etc...but that didn't make sense as a year on year pattern didn't emerge.
I have since changed provider and I see my mortgage reducing by a similar amount each month slightly increasing the amount that I pay off. This makes more sense.
Example of the Old Provider: (total mortgage reduction across 6 mths Jan - Jun)
358
418
420
348
437
408
I got the figures from Noddle.
Should I go to old provider and question them?
I had a fixed rate repayment mortgage with ING for 3 years.
The monthly payment was fixed (as you would expect), but the amount that my mortgage was reduced each month changed sometimes quite substantially. I thought it could be due to the number of days in the month etc...but that didn't make sense as a year on year pattern didn't emerge.
I have since changed provider and I see my mortgage reducing by a similar amount each month slightly increasing the amount that I pay off. This makes more sense.
Example of the Old Provider: (total mortgage reduction across 6 mths Jan - Jun)
358
418
420
348
437
408
I got the figures from Noddle.
Should I go to old provider and question them?
0
Comments
-
The day your payment gets creditied also changes(weekends/BH) so that can change the interest each month as well as the number of days0
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