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Is the monthly interest supposed to go up?

chelseablue
chelseablue Posts: 3,303 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in Mortgages & endowments
Just had a look at my mortgage account online


On 30 April interested added was £281.11

On 31 May the interest they've added on is £289.66


I know its only a few £'s but I thought the interest went down each month as you owe slightly less? Even if it only went down a few pence.


Does anyone know why the interest added is higher this month? Im sure there's a simple explanation I haven't figured out yet

Comments

  • Goldiegirl
    Goldiegirl Posts: 8,806 Forumite
    Part of the Furniture 1,000 Posts Rampant Recycler Hung up my suit!
    You are probably charged interest on a daily basis.

    April has 30 days, and May has 31 days........ So you get charged one more days interest in May
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Interest is calculated monthly. In June you'll pay less than April. As there's fewer days again.

    The amount you pay every month is intentionally made a consistent amount.
  • chelseablue
    chelseablue Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thank you both!!!!


    As I suspected something obvious!


    280 quid + a month interest makes overpaying seem even more important
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