Changing monthly interest on fixed rate

MortgageFreeMimi

Can anyone answer a question I have about the monthly interest I pay each month on my fixed rate?

I have fixed at 1.39 until 2027 and have around £80k to pay off. I try to overpay when I can and am limited to £999 pcm without penalty.

Mortgage payment comes out on 1st of the month. Regular payment is £536.

what seems to happen is that i have my balance which I check and in this case it was £82,397 after an OP of £650 approx (it was to get me under then next £1k bracket with the next regular payment) at the end of June.

On the 1st July the interest of £127 was added / applied. Usually it is £99 or £97, OP or not. Then the payment was taken of £536 as predicted.

can anyone explain why I would be paying £127 interest randomly one month? I have just under 15 years left to go and I don’t understand why the monthly interest amount is so inconsistent on a fixed rate? I made OPs with a view to paying less than £100 pcm in interest and I don’t understand!

this is what I paid in interest each month;

July 1st £127
June 1st £95.37
May 1st £99.07
April 1st £97.12
March 1st £102.05

my OPs vary and sometimes there are none, but the leap is big. I’ve googled a lot and can’t find any reason BUT if no one can help I’ll ring them (poor advisers) tomorrow and ask about it

[Deleted User]

The interest is inconsistent as it's calculated on balances and days between payments..

The July interest seems high and may be due to a recalculation of a previous anomaly.

Give them a call to see what has happened.