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Can anyone help
Desperadoo
Posts: 99 Forumite
Like so many rate rises are worrying.
I am on a subprime mortgage and rate is 3.29% above BOE rate
When rates started to change payments went like this
£565.....before any rises
£582
£584
£587
Now £2 or £3 a month not to bad. Owe £19k now. I was shocked when first rise was £17 a month but never queried why it was so much and now sure if I should ask now as worried maybe the smaller rises are wrong and I should be paying more
Can anyone help why first rise from 3.39% to 3.54% would have been such a difference yet each other rise is so small
Yesterday's rise will put me to 4.64%
Thanks
I am on a subprime mortgage and rate is 3.29% above BOE rate
When rates started to change payments went like this
£565.....before any rises
£582
£584
£587
Now £2 or £3 a month not to bad. Owe £19k now. I was shocked when first rise was £17 a month but never queried why it was so much and now sure if I should ask now as worried maybe the smaller rises are wrong and I should be paying more
Can anyone help why first rise from 3.39% to 3.54% would have been such a difference yet each other rise is so small
Yesterday's rise will put me to 4.64%
Thanks
June grocery challenge £164 /£460...
week 1 £87/£115
Week 2 £77/£115
My Debt Free Diary >>>>>https://forums.moneysavingexpert.com/discussion/6360269/desperate-to-sort-my-life-for-last-time
week 1 £87/£115
Week 2 £77/£115
My Debt Free Diary >>>>>https://forums.moneysavingexpert.com/discussion/6360269/desperate-to-sort-my-life-for-last-time
0
Comments
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Your mortgage is very small, so obviously each payment reduces it significantly. As interest is calculated on your balance, the impact of each rise in pounds is reduced.
1
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