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Mortgage never goes down
ScaredWitless
Posts: 157 Forumite
My hubby's mortgage is currently with Lloyds Bank.
He pays £700 a month, then the interest is added ontop.
The mortgage never seems to be going down, is this normal!?
He pays £700 a month, then the interest is added ontop.
The mortgage never seems to be going down, is this normal!?
0
Comments
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Is it not an interest-only mortgage?0
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He took it over a 5 year fixed rate.0
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Do you mean the figure he borrowed has increased? If so, the interest has been put on the top so all payments so far have cleared the interest, not the actual original amount0
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ScaredWitless wrote: »He took it over a 5 year fixed rate.
You need to answer armchaireconomist's answer:armchaireconomist wrote: »Is it not an interest-only mortgage?0
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