How to work out mortgage repayment

campbeji

Hi all,

I'm a bit confused :-)

I was just checking on my mortgage repayment and I can't work it out to give me the same as I am actually paying, can anyone help?

Outstanding mortgage - £71260.76
Interest rate - 5.49%
Remaining term - 11.5 years (ish)
Current monthly payment - £763.39

Interest and repayment mortgage

When I work it out using various calculators it tells me it should be in the region of £688, so it looks like I am paying in the region of £75 too much per month. I'm sure I have messed this up someplace, but I wanted to check on here before I phone the mortgage company

Any ideas

Jim

getmore4less

Outstanding mortgage -
£71260.76,
5.49%,
11 years and
months, payment
5 £701pm
6 £698pm
7 £693pm

10y 2m £763.50pm


does not look right, is there an insurance or something else getting paid.

have a look at the last 2 statements

kingstreet

Are there arrears being repaid at the same time?

enthusiasticsaver

Is it reviewed annually and when is it next due for review? At first glance it looks like the payment is higher than it should be but it could be sorted out at the next review. Are you sure the term is correct?

Any insurances included or arrears? The rate is quite high, is there any reason for that?

campbeji

Hi all,

Yes there are arrears being paid, although that is on top of the numbers provided, not included.

The rate is high, the mortgage was originally taken out as a credit repair mortgage, or some such nonsense. However I managed to screw up and got into some serious arrears with it. Ended up with a suspended repossession order, but I have managed to pull back a bit and have been up to date with payments for nearly 2 years now (more or less).

So every month the arrears are coming down, but it will be a while before they are up to date.

So the details I gave are accurate except I didn't include the additional payment that I pay on top to catch up on the arrears. the £71000 includes the arrears of about £2.5k. The interest rate is correct as I checked that the other day. I will need to check the term, but i'm pretty sure it is correct, it was put to the max I could get at the time, which was my 65th birthday, or at least the date before my birthday that made the term a round number of years, with no months.

I'd love to move the mortgage but I can't till at least when I catch up on the arrears.

Thanks
Jim

getmore4less

getmore4less wrote: »

Outstanding mortgage -
£71260.76,
5.49%,
11 years and
months, payment
5 £701pm
6 £698pm
7 £693pm

10y 2m £763.50pm


does not look right, is there an insurance or something else getting paid.

have a look at the last 2 statements

adding in the other reverse calc.amount borrowed for payment, rate & term

5.49%
£763.39pm

11y and
month amount borrowed.
5 £77,577.70
6 £77,984.31
7 £78,389.07

campbeji

Hi,

No there are no arrangement fees or anything. There were court fees etc, but that all got added into the mortgage amount.

I think I will give the mortgage company a call and see if they can explain it to me.

Thanks

campbeji

So I had a chat with the mortgage company, and it turns out I did indeed have the term wrong, it is 10 years and 2 months. So 'Getmore4less' was spot on with those calculations.

The strange thing is that the mortgage was supposed to have been written to the last possible date which should have been 31st October 2029, which is before my 65th Birthday in March 2030, but for some reason it is to 31st October 2028, a year earlier. I have no idea why.

At least now the numbers work out properly.

Thanks for your help

Jim

getmore4less

Glad you got to the bottom of it, if they will fix the term the arrears get paid off quicker.

That rate is very high if the arrears are that much anything you can do to sort them quicker?