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

getmore4less

d4rr3n wrote: »

https://ibb.co/sHBGxNr

That helps another one from earlier would help more.

d4rr3n

getmore4less wrote: »

That helps another one from earlier would help more.

This one is around the period of a change in base rate which should help.

https://ibb.co/c21fKBB

Just found a really neat mortgage calculator, should be able to work it out using this.

https://www.calculator.net/mortgage-calculator-uk.html

getmore4less

That calculator won't help it won't do the interest calculation correctly
It will be tomorrow earliest I can have another look

d4rr3n

Just noticed when they made a reduction on monthly payments in June 2008, they extended the term 17yr from that date. 393,125 was owed at that point.

That would bring the end period 2025, I am obviously going to have this paid of long before so not sure this matters?

getmore4less

Looking at those 2 part statements it does look like they were tracking base rate.

With the rate changing on the same day as base and the balances being shown for payments I suspect they use a daily interest calculation.

without knowing how they get to the daily rate and what rounding they use(If any) it will be difficult to get exact.

running those 2 quarters shown I get the interest to within £3 using rate/365.

Can you clarify when the money was drawn down to pay for the house and when the first payment was?

Does your documentation say anything about how the interest is calculated(can see it is added quarterly in arrears from the statements).

d4rr3n

getmore4less wrote: »

Looking at those 2 part statements it does look like they were tracking base rate.

With the rate changing on the same day as base and the balances being shown for payments I suspect they use a daily interest calculation.

without knowing how they get to the daily rate and what rounding they use(If any) it will be difficult to get exact.

running those 2 quarters shown I get the interest to within £3 using rate/365.

Can you clarify when the money was drawn down to pay for the house and when the first payment was?

Does your documentation say anything about how the interest is calculated(can see it is added quarterly in arrears from the statements).

I have emailed them to confirm the date I made my first monthly instalment and am waiting for their reply. That first payment would have became due one quarter after the start date as far as I understand it.

On my agreement it says it was "sanctioned"Feb 2002. I dont know if that means started, first payment made or proposal generated.

Other then the statement below it says nothing about interest or how they calculate it:

"The Bank Base Rate (varying) + 2% per annum charged quarterly in arrears. The current Bank Base Rate is 4.75% per annum."

Thrugelmir

d4rr3n wrote: »

Just noticed when they made a reduction on monthly payments in June 2008, they extended the term 17yr from that date. 393,125 was owed at that point.

When you say extended the term. Do you mean that repayments were reset to repay the outstanding balance over the original term of the mortgage. If so, this is a standard procedure.

d4rr3n

Thrugelmir wrote: »

When you say extended the term. Do you mean that repayments were reset to repay the outstanding balance over the original term of the mortgage. If so, this is a standard procedure.

I mean because they reduced the monthly payments they extended the term by a few years.

getmore4less

Term becomes irrelevant it just sets a payment.
The actual payments drive the balance.