Please is this sounding right

KCUK78

So I'm working out some rough figures. Took out mortgage in 2007.
110,000 and 15,000 loan.
Paid back so far approx 119,000. However at current rates and with year remaining total amount repaid will be £258,000. This seems wrong. 
So over 100% the original amount will be interest. Pure interest.

Ayr_Rage

What is the term of the mortgage and the loan ?

What rates are you paying ?

Put your figures into this

https://www.moneysupermarket.com/mortgages/mortgage-repayment-calculator/

[Deleted User]

Yes, entirely possible and not surprising.

Repaying several times the loan value would have been common place in the past, as interest rates were higher.

It's important to learn how compound interest works, as well as understanding loans/mortgages.

It's why overpaying is frequently mentioned across these boards.

Once you understand, all becomes clear and it will assist you in making future decisions.

ACG

With the rates you would have been paying, it sounds feasible. 

I have just looked at a clients offer I did 5 years ago (I am working on their case at the minute), theirs says 1.49% for 5 years followed by SVR (3.59% at the time) and they would be paying back 150% of the original mortgage amount. 

When you took your mortgage out, the rate I am guessing would have been maybe 6%, the SVR would have probably also been higher than 3.59% so its not impossible you would be paying back double. 

Im not sure how long you have left but it might be worth reviewing the mortgage to see if you can get a better deal elsewhere and see if you can cut that overall figure down. 

penners324

Haven't you remortgaged in the last 17 years?

RelievedSheff

penners324 said:

Haven't you remortgaged in the last 17 years?

Sounds like a Northern Rock Together mortgage which allowed borrowing over 100% LTV by using combination of a mortgage and an unsecured loan.

They sounded like a great idea at the time, we took one out, but they landed a lot of people in trouble when house prices crashed in 2007/2008 and left a lot of people in negative equity and unable to remortgage. 

We were one of the lucky ones and could afford to overpay the mortgage to bring the balance down so that we could escape what became NRAM.