Woolwich Mortgage

orangecat

Hi Everyone

Advice on Mortgage calculations? My Woolwich Repayment Mortgage has always been calculated at the end of financial year (30th September) so all payments made are set aside,until the interest is added onto the Capital, in other words........ Interest is been charged on payments already made??

Is this legal? or another devious practice to boost the coffers of the Banks?

I am usless regarding any financial matters, but is this normal practice with Mortgage Providers? or are Interest payments calculated in other ways that are more benificial to the payer?? and if so, what should I do?

Thanks to anyone who can advise me.
Orangecat

chivers1977

If you are on an annual rest mortgage, then you can remortgage if not tied in to a daily rest mortgage which means that any payment immediately affects the interest charged.

Woolwich also have an annual review on repayment mortgage even if it is daily rest so the payments on a repayment mortgage only change at mortgage year end. Not sure whether this is what you have instead??