Fixed Rate Mortgage Interest Query

mase001

Hi all, my fiance and I have just received our annual mortgage statement and have a query about the interest we are paying on it.
We are on a 5 year fixed rate, but the interest we are paying each month is going up and down. We are wondering if this is correct, as in theory as it is a fixed rate shouldn't the interest we are paying slowly decrease monthly?

Thanks

MizzPenniless

How much does it vary by? I have a fixed rate and mine varies by a couple of pounds each month. I'm not sure, but think it might be because some months are 30 days and some 31.

mase001

jan - 774
feb - 699
mar - 773
apr - 747
may - 771
jun - 746
jul - 770

That's the interest we've been paying this year

getmore4less

That looks close to days in the month.

£25 a day

Actual payment dates can also make a different

LRmortgage

Looks to me like your interest is charged daily, therefore different number of days in each month so it varies slightly. Also remember that every month you are paying off a little bit of capital so that will also adjust interest payable for the following month.

mase001

Ok, thank you everyone. I was flapping a bit wondering why it was going up and down monthly and didn't seem like we were making a dent in actually paying it off, but your explanations make sense!