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Interest Only Mortgage Redemption Figure is £30k more than original amount!
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Eltel04
Posts: 2 Newbie
Hi, I’m a bit naive when it comes to mortgages so looking for some advice please.
I had a capital repayment mortgage, tried to sell house but the market crashed (c2008) so I remortgaged it to release some equity to build an extension at my new house. At that point I changed to an interest only mortgage in the belief that I’d sell the house way before the end of the mortgage term.
10 years later and I’ve sold the house
. When I remortgaged I increased it from c£50k to c£135k (Nov 2008). I requested a redemption figure from RBS and they’ve told me it’s c£164k. That doesn’t sound right to me. How could it have increased by c£30k in just 10 years???
Can anyone shed any light on this?
Thank you!
Eltel
I had a capital repayment mortgage, tried to sell house but the market crashed (c2008) so I remortgaged it to release some equity to build an extension at my new house. At that point I changed to an interest only mortgage in the belief that I’d sell the house way before the end of the mortgage term.
10 years later and I’ve sold the house
. When I remortgaged I increased it from c£50k to c£135k (Nov 2008). I requested a redemption figure from RBS and they’ve told me it’s c£164k. That doesn’t sound right to me. How could it have increased by c£30k in just 10 years???Can anyone shed any light on this?
Thank you!
Eltel
0
Comments
-
You need to look at you annual statements and see how it went up each year.
Usual problem is your payment was too low.0 -
If you paid your monthly mortgage payment fully and on time, the balance should not have increased. Contact your lender for an explanation rather than rely on simple guesswork.0
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