Old mortgage express mortgage

Jcbkabs

Hi looking for a bit of help please

My mortgage was with mortgage Express now sold on by government to Rosolite mortages 

I have a query

it states in my terms and conditions that my mortgage is portable but Rosolite can offer new mortgages so is this a breach of contract?
I’ve had a a SAR request sent to me as which shows the interest rate and the monthly payment but I owe but later payments with the same interest but monthly payment more WHy


interest rate on the 01/04/20 interest rate 2.25%(£85094.82 owed)  repayment £684.78 but same interest rate of 2.25% on 01/09/2016 £681.44 (£106653.24 owed) on01/05/2017 (£102746.99 owed) again same interest rate and again owing more than 01/04/20 but the £681.45

so if you owe less how can the monthly payment be more with the same interest rate?

am I missing something?

MWT

Jcbkabs said:

interest rate on the 01/04/20 interest rate 2.25%(£85094.82 owed)  repayment £684.78 but same interest rate of 2.25% on 01/09/2016 £681.44 (£106653.24 owed) on01/05/2017 (£102746.99 owed) again same interest rate and again owing more than 01/04/20 but the £681.45

so if you owe less how can the monthly payment be more with the same interest rate?

am I missing something?

It looks like you have a repayment mortgage, so each monthly payment is made up of an interest payment and a capital repayment.

The monthly payment is calculated so that over the term of the mortgage you will pay the interest due and the capital but the monthly payment remains the same as long as the interest remains the same.

Over time the amount you owe goes down, the interest component falls and the capital component rises.

From month to month there will be small variations when a payment date falls over a weekend or a bank holiday and so is paid a little later than usual. 

 

Jcbkabs

Those are the figures my monthly figure changes to until the next Time the interest rate changes. 

user1977

Jcbkabs said:

it states in my terms and conditions that my mortgage is portable but Rosolite can [not?] offer new mortgages so is this a breach of contract?

No, products are only ever "portable" to the extent that the lender might be prepared to offer you a new mortgage. There's no expectation that they will in fact do so.

dimbo61

Well 2.25% is not a bad interest rate.

kingstreet

Number of days in month changes monthly payment with some lenders.

Jcbkabs

kingstreet said:

Number of days in month changes monthly payment with some lenders.

Yes but payment the same every month between interest rate change and doesn’t change month by month.

would be good if there was a spread sheet that would calculate/audit what  paid v what you should have

MWT

Jcbkabs said:

kingstreet said:

Number of days in month changes monthly payment with some lenders.

Yes but payment the same every month between interest rate change and doesn’t change month by month.

would be good if there was a spread sheet that would calculate/audit what  paid v what you should have

This is normal for a repayment mortgage as I explained earlier...

If you want to use a spreadsheet you can calculate the interest for each payment period and then deduct the balance of your payment after paying the interest from the capital and you'll see that it matches what is happening on your account.

Each month you will pay a little less interest and a little more capital.