Just wanting to say hi!

atypicalblonde

Morning All,

Feeling a bit pap today. I called C&G to get the balance for our mortgage to check the monthly payment (including OP) had been taken and the £400 OP accounted for, and my balance has gone UP by £600. I queried this, and she said 'oh we haven't processed your payment yet, it will have gone through tomorrow so call back'.

The £600 is, I can only assume, interest that has been added on. So when the payment processes tomorrow my £400 OP won't even cancel out the £600 interest, and my balance will probably still be above £96k, even though it was only £63 above £96k when I last checked.

I am probably being really dense, but this has made me feel pants. Maybe I don't understand this mortgage malarkey as much as I thought I did. It seems to be going the wrong way . Pretty please can someone clever help me to understand this (that means you Stuart :o)

A dejected and feeling a little flat ATB x

gallygirl

Presumably your monthly payment is at least equal to £600? So, that should cancel out the £600 interest, meaning the £400 Op will take you well below 96k?

taka

My mortgage payment goes in on the 1st so my mortgage balance left to pay dips, then gradually rises again ~£7.30 every day until the end of the month when it all starts again. Of my normal monthly payment ~£230 goes on interest and only ~£115 pays off the capital each month unless I overpay something. :eek: Its not nice is it!

I tend to only check at the start of the month and take a note of the balance then as its too depressing at the end of the month seeing it rise again! :rolleyes:

atypicalblonde

Thanks gallygirl and taka, you clever ladies you. Yes, my normal monthly payment is £700, which now means everything makes sense . Gosh, I am blonde and it is Monday but I was being more than a bit stoopid ;). Thanks girlies

I will call C&G again tomorrow when my payment should have processed and I will be in the 95s. Thanks again (ATB skulks off feeling a little bit silly ) x

atypicalblonde

taka wrote: »

My mortgage payment goes in on the 1st so my mortgage balance left to pay dips, then gradually rises again ~£7.30 every day until the end of the month when it all starts again. Of my normal monthly payment ~£230 goes on interest and only ~£115 pays off the capital each month unless I overpay something. :eek:

Ooooh taka how can I work out my daily interest? x

Jewell_2

I've just read through this whole topic and can I just say how inspiring you are atypicalblonde.

Me and my OH are both 21 and bought our house (well 50% of it anyway :rolleyes:) in April. We got a mortgage of £68k but inevitably when we buy the remaining half of the house in the next 2-3 years our mortgage is going to increase. It would be great if we can get it down as much as possible before this happens.

Thanks for all the tips, I'm going to do a full review of our finances and see if any overpaying is possible.

:T

taka

atypicalblonde wrote: »

Ooooh taka how can I work out my daily interest? x

Urmmmmm... I'm with nationwide so I log in day 1 and then log in again the next day! :rolleyes: Day 2 - day 1 = interest for 1 day!

Locoblade's (I think??) spreadsheet would give you the monthly interest payment so you could work out the rough daily interest from that. Theres a thread around here somewhere... I also use an ancient copy of Quicken that tells me the monthy interest and how tiny an amount actually goes to pay off the capital. I'm stuck on 5.79% fixed so its a bit depressing... :rolleyes:

atypicalblonde

Hi Jewell :hello:

Thanks for popping in to the blonde and often dippy world of ATB! I am glad you have taken some inspiration from my ramblings, at least they are serving some sort of a purpose . Remember, even the smallest OP helps. Do a full and frank statement of affairs (see the DFW board for help and guidance), and if you have some spare money at the end of the month, even just £50 between you, add this on as an OP. Even tiny payments kick a hole in the mortgage.

Taka - I like your maths hun . TBH knowing almost £600 has been added on to the balance since my last payment was taken, is enough for me, i'm too chicken to work out what it's costing me daily

atypicalblonde

taka wrote: »

I'm stuck on 5.79% fixed so its a bit depressing... :rolleyes:

I'm stuck on *whispers* 6.99% fixed until June... part of the "1st time buyer offer" that was effectively the only mortgage we could get when we were in the market for a mortgage... yep that's right, read it and weep ...

taka

atypicalblonde wrote: »

I'm stuck on *whispers* 6.99% fixed until June... part of the "1st time buyer offer" that was effectively the only mortgage we could get when we were in the market for a mortgage... yep that's right, read it and weep ...

:eek: You win! :rotfl: Ouch...

My 1st morgage was fixed at ~8% (I think ) in 1994 but the base rate was fairly high at the time! :eek: