Mortgage not decreasing much? why?

gasman786

The SVR rate has changed very little over the past 10 years, it fluctuated between 4.35 to 4.65 but on average about 4.5.

The 8 payment holidays seem to be the explanation as to why my mortgage figures don't seem to add up and the balance seeming so high even after all the payments. I guess it was silly of me not to have paid more attention to the impact of payment holidays on the overall balance. It was my first mortgage and its been a learning experience. The idea of a months break from paying the mortgage seems a great idea especially for those who just about make ends meet, and its easy to avoid looking at the bigger bigger and the long term impact of these payment holidays.

I could possibly spare a little extra a month to go towards the mortgage, maybe £30 as overpayments. Will need to go through the calculators to see how this may impact the long term outlook and if it may undo some of the damage caused by my payment holidays.But because i'm with Landmark Mortgages, and their recent revelations about sheer incompetence, i'm worried where that £30 overpayment a month will end up and if it will actually go towards reducing the balance.

btw just want to thank everyone that's replied. I am genuinely surprised so many have responded so quickly. Its much appreciated and I just wish I joined this place 10 years ago! could have saved myself thousands by now! thanks once again! hope to become a regular here.

Thrugelmir

gasman786 wrote: »

btw just want to thank everyone that's replied. I am genuinely surprised so many have responded so quickly. Its much appreciated and I just wish I joined this place 10 years ago! could have saved myself thousands by now! thanks once again! hope to become a regular here.

You might not find a solution immediately. Have patience and you'll get there. Clearing a mortgage is a marathon not a sprint. As the old saying goes. From acorns grow oak trees.

Edi81

What stops you from moving your mortgage?
What is your credit history like?
How much equity do you have in the property?