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Mortgage repayment - different costs
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strawb_shortcake
Posts: 3,413 Forumite

Hi all,
My mortgage deal just expired and the new rate started today with my first payment at the new rate due in Feb.
If I log into my account is says the next payment due is £497.44. However; if I go into manage my mortgage it says my contractual repayment is £503.44.
Total outstanding £63,821.56
Years remaining 13 years 3 months
Old rate 1.79%
New rate 3.54%
The £6 really doesn't make a difference I'd just like to know which is accurate. I think the outstanding amount before this month's payment was £64177.40?
I'd hazard a guess the £503 relates to the higher balance maybe?
Thank you
My mortgage deal just expired and the new rate started today with my first payment at the new rate due in Feb.
If I log into my account is says the next payment due is £497.44. However; if I go into manage my mortgage it says my contractual repayment is £503.44.
Total outstanding £63,821.56
Years remaining 13 years 3 months
Old rate 1.79%
New rate 3.54%
The £6 really doesn't make a difference I'd just like to know which is accurate. I think the outstanding amount before this month's payment was £64177.40?
I'd hazard a guess the £503 relates to the higher balance maybe?
Thank you
Make £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...
Make £2024 in 2024...
0
Comments
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Borrowing £63821.56 for 13 years and 3 months at 3.54% gives you a monthly payment of £503.44.
I would guess that the "next payment due" is maybe a few quid lower because your new deal starts 4 days into the month, and so is calculated to cover 4 days interest at 1.79% and the rest on the 3.54%, to give a slightly lower payment required than normal. And after next month, I'd guess your payments would be £503.44.
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gih said:Borrowing £63821.56 for 13 years and 3 months at 3.54% gives you a monthly payment of £503.44.
I would guess that the "next payment due" is maybe a few quid lower because your new deal starts 4 days into the month, and so is calculated to cover 4 days interest at 1.79% and the rest on the 3.54%, to give a slightly lower payment required than normal. And after next month, I'd guess your payments would be £503.44.
Make £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...0
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