Gut feeling I paid off my mortgage but I am still paying!

d4rr3n

Oct 2015 Interest 2.500% (0.5 base +2)

Aug 2016 Interest 2.250%

Nov 2017 Interest 2.500%

Aug 2018 Interest 2.750%

getmore4less

Not enough need all the details off the statement amounts interest etc.

kazwookie

Blimey

Why do you not just contact the bank and ask for a full break down of what is let to pay / interest rates etc?

You expect folk here to help you, but only give them a fraction of the information they need.....................

d4rr3n

kazwookie wrote: »

Blimey



You expect folk here to help you, but only give them a fraction of the information they need.....................

Do I? If you read my initial posts I was asking where can I get an expert to look into the details. If someone here wants to help thats nice and I appreciate it but I dont expect anything!

Kentish_Dave

d4rr3n wrote: »

I did think that but others I suggested that to dismissed it saying a bank cant just make-up its own base rate out of thin air. I'm sure there must be some regulations in the UK preventing banks doing that. I always thought base rate meant BOE values.

There are all manner of base rates, and yes, banks have their own. The mortgage document will set out which one this mortgage references.

getmore4less

d4rr3n wrote: »

The initial amount borrowed
The remaining owed next to every payment
And the lending interest is shown on every statement generated on my mortgage account.

Obviously I dont have all my statements to hand going all the way back to 2002. Most I can go back on-line is to 2012 so I could see how the lending rate compares to BOE back that far. Might be easier just to ask the bank for a history of base rates going back to 2001.

if the statements are on-line data one of those statements leaving out personal data
copy/paste should work.

Need all the details not just the rates.


ever miss a payment?

Thrugelmir

d4rr3n wrote: »

The reduction of repayment in 2008 had nothing to do with a change in bank base rate. It was because I was struggling to make the large payments so they agreed to drop it slightly.

Bank base rates currently are 0.5 as of 2009, in Feb 2008 my mortgage review says they are currently 5% but the table below says 2%. Anyway my repayments of 3359 has been the same since 2008 so big difference between 5% and 0.5% as of 2009, hence my reason for thinking a significant reduction in term of mortgage.


UK Bank base rates

2001 4%
2002 4%
2003 3.75%
2004 4.75%
2005 4.5%
2006 5%
2007 5.5%
2008 2%
2009 0.5%

When my mortgage started in 2002 my bank says its base rate is 4.75 Bank of England says 4. In 2008 my bank says its 5 Bank of England says its 2.

Your list is somewhat incomplete and somewhat selective. BOE base rate peaked at 5.75% in July 2007. Dropping to 5.5% in December of that year.

Likewise the 2% rate in 2008 was only effective from December. Through to October the rate was 5% and above.

getmore4less

Thrugelmir wrote: »

Your list is somewhat incomplete and somewhat selective. BOE base rate peaked at 5.75% in July 2007. Dropping to 5.5% in December of that year.

Likewise the 2% rate in 2008 was only effective from December. Through to October the rate was 5% and above.

Would not worry about those until the op post some decent data from the statements they have with amounts dates rates and anything else relevant.

I crunched numbers for the bank rate changing at the same month as BoE and a few months later to line up with the first payment) the numbers don't work for owing any money now.

More data points needed.

Mortgages are easy there are only 4 variables and only 3 are needed to work a mortgage out.

(rules for the variables are the complication)

d4rr3n

https://ibb.co/sHBGxNr

d4rr3n

Never missed a payment that I recall