Mortgage company giving inconsistent detail re: term length/capital borrowed

normalpeopleworryme

I'm confused at the moment. The Mortgage Works, who I have a current mortgage with (and have had for some years) has been emailing me regularly about my deal coming to an end soon (accurate) and to click through find out about changing to another deal. I checked the link was legitimate, and was faced with a range of e-learning modules on mortgages, and a summary of my current mortgage and term. There was no option to find out about existing deals.

So, I logged on to their switching service, and got presented with a range of deals. I looked at different options, chose one and asked for a copy of the offer letter. On this tehre was a different term and capital value.

Then I registered to manage my mortgage online. It gives another capital value and loan term.

Finally, I checked my most recent postal communication from TMW - although it doesn't have a loan term it has - you guessed it, another capital value.

The different loan terms vary by 9 months, and the capital value varies by more than £300.

I will ring them (although I would prefer to email given many of the reviews on trustpilot re: agents not giving consistent information/being rude- there is no email address for the company).

it makes me wonder how much "variation" there has been over the years I have held a mortgage with them...

It is great having the different online options (the last time I remortgaged I could look at deals online, but not manage the mortgage) - but not if the information on one/all of the places is incorrect!

DE_612183

Capital changes over time - so depending on when they are making the calculation a different time will give a different value.

One could be todays date, another the date on the end of the current deal...

normalpeopleworryme

DE_612183 said:

Capital changes over time - so depending on when they are making the calculation a different time will give a different value.

One could be todays date, another the date on the end of the current deal...

Thanks - even with an interest only mortgage?
And why does the term change?

ACG

normalpeopleworryme said:

DE_612183 said:

Capital changes over time - so depending on when they are making the calculation a different time will give a different value.

One could be todays date, another the date on the end of the current deal...

Thanks - even with an interest only mortgage?
And why does the term change?

The balance of your mortgage changes daily. You make your payment on day 1, it then goes up every day thereafter until you make your next payment and it comes down again. So when checking the balance it will differ but it shouldnt be massively out. 

As for the term, I cant think a reason for that, unless you check on Monday and then Wednesday for example and its 2 days less.