Renewing a fixed rate soon

RosesinKent

Hi Im new here.My fixed term comes up for renewal end of March. Have discussed with lender their new contract if we stay with them for a new 5 yr fixed term.Also mentioned I would be paying off a lump sum of £10000 .I can do this without incurring penalties which is great.My question is why can't the lender tell me how much is left if I want to pay off my mortgage in full at the end of the fixed term in March. I get that they can't give accurate figures because of the interest rates fluctuating but it would be good to know whats left should i might be lucky enough to have such amount left in a will.

kingstreet

Unfortunately, you would need to put such a question to the lender concerned.

Whats_your_forte

It would be quite difficult for the lender to come up with such a figure on the basis that they would have to make some assumptions of payments taking place and so far better to try and work something out yourself.

They should be able to give you a live balance as of today's date and let's say the mortgage is chunking off approx£350 per month on the capital, then you should be ballpark as to what the balance should be. Yes you could work out on a spreadsheet to the exact day using daily interest but taking your example of being left money within a will, I doubt something like that would be resolved come the end of March!!

Approximate figures should be okay on the basis that there is no firm plan to repay

Good luck

Thrugelmir

RosesinKent wrote: »

Hi Im new here.My fixed term comes up for renewal end of March. Have discussed with lender their new contract if we stay with them for a new 5 yr fixed term.Also mentioned I would be paying off a lump sum of £10000 .I can do this without incurring penalties which is great.My question is why can't the lender tell me how much is left if I want to pay off my mortgage in full at the end of the fixed term in March. I get that they can't give accurate figures because of the interest rates fluctuating but it would be good to know whats left should i might be lucky enough to have such amount left in a will.

Plenty of online calculators available to do so. Though if you've online access to your mortgage statement. Easy enough to do oneself.