Mortgage Calculation Problems

Krash420

Hi All,

Quick update - I've found the rest of the statements, and I think the remainder are fine, though the statements do not specify how the interest is calculated, and the only T&C's I found, also do not specify how they are calculated.

I've emailed Birmingham Midshires about this (as well as asking why the interest payment was more than what it should have been the first year), and so will give another update once I've heard back from them.

It doesn't look as if my dads been charged overly on the mortgage, at best I only know of £16.60, which is a relief, but I don't intend to let that go either - they surely should be able to calculate interest rates correctly themselves!

That said, I'm an actuary, so am well aware of the different ways that interest can be calculated, but I tried them all, but none of them gives even close an answer to what they've charged, hence I wanted to see if there's something non-standard that I'm missing about Birmingham Midshires. Thanks for all your help everyone, fingers crossed they reply, otherwise will have to call them,

Btw does anyone know about a rule about having to get a "Financial Advisor" to discuss repayments with Birmingham Midshires? My dad told me yesterday that whenever he's phoned them to discuss making additional payments (i.e. more than the interest) they've basically told him that they can't talk to him directly, and he has to go through a Financial Advisor. I don't see why .

Typhoon2000

I suspect they don't give advise about repayments and additional payments hence the need to go to an advisor to discuss and decide if this would be right for your father. If you just want to make any overpayments without discussion, I am sure that would be fine.

Thrugelmir

Krash420 wrote: »

Btw does anyone know about a rule about having to get a "Financial Advisor" to discuss repayments with Birmingham Midshires? My dad told me yesterday that whenever he's phoned them to discuss making additional payments (i.e. more than the interest) they've basically told him that they can't talk to him directly, and he has to go through a Financial Advisor. I don't see why .

BM is part of the LLoydsHBOS group. As part of the renationalisation of the group. BM was closed to new business and the name dispensed with. As a consequence there's no longer any client servicing on the old mortgage book. Which is currently being left to run down naturally.

getmore4less

The difference is in the order of a days interest the anniversary did not fall on a Sunday?