Mortgage different to what I signed.

sevenhills

silvercar wrote: »

If you thought you were on a part & part mortgage but were only charged interest on the whole amount, then you aren't actually out of pocket.

In the first post, the OP said ....

Davidtechman wrote: »

I'm in the position to fully pay off my mortgage 5 years prior to end date.

so the lower payments have left him with enough money to save money.

getmore4less

If that(fully pay off)) is then he knew he still had to pay the full amount for some time or just got lucky

Also the OP seems to think the amount owing on the repayment part should be £5k so must have done some calculations unless it was a guess.

extracting the little real relevant info given

Assuming it is the Woolwich/Barclays that got taken over in 2000 and the mortgage was taken out before then, now with 5 years to go so term was at least 23years.

OP says repayment bit was for £60k depending on the rates over the term I estimate the following would be left(not £5k)
£60k over 25y with 5 years to go would have £14-£18k left
£60k over 30y with 5 years to go would have £12-£17k left
£60k over 35y with 5 years to go would have £11-£16k left

if they were really lucky and ended up on one the very low tracker rates that Barclays did then it could be a bit lower, but even interest free over 40years there would still be £7,500 left

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Wonder if the endowment was with Equitable.

silvercar

sevenhills wrote: »

In the first post, the OP said ....



so the lower payments have left him with enough money to save money.

We don't know if that is directly because of the lower payments or for any other event that may have occurred over the years.

If it were me I would want to ensure that the mortgage payments I had made were calculated correctly and that the final balance accurately reflected the payments that had been made.