Help wanted urgently... or whenever convenient!!

5stey

Hi there, I was wondering if anyone could help. I remortgaged my property and opted for a repayment type mortgage . I've been paying monthly since. The problem is when I look at the summary online it doesn't seem to have budged at all. Have I done something wrong!! I'm worried:eek:

RAS

Hi

We do not do convenient, but we could try urgent???

When did you re-mortgage?

What have you looked at?

What has not budged at all?

hypno06

Mortgages move very little in the early days, but as time goes on the proportion of your monthly payment that goes directly off the capital increases, so your total goes down quicker as time goes on.

Not sure if that makes sense, but I know what I mean!

How long is it since you took the mortgage out?

5stey

Hi
I diddn't think anybody would reply thanks.
I remortgaged in September 2007. I have the mortgage account online , unfortunately it doesn't break down what i have paid instead I just have amount due written on top. The amount due hasn't changed at all. I am beginning to worry.

hypno06

How long have you taken the mortgage out over?

hypno06

sorry, more questions - how much did you borrow and what is the APR. Also if you tell me what amount you pay each month I will put it in the calculator and see what it says.

5stey

The mortgage is over 35 years but currently on fixed rate till september 2009.

RAS

Is "the amount due", the value of your loan?

If so, you will not see much movement at all in the first year. I managed to pay quite a lot off mine but that was only becasue the interest rate halved and they did not tell me so i was paying double each month.

Also, some banks/building societies readjust the value frequently, others run a report every so often - once of twice a year - to recalculate the capital, so it may not show up until the first aniversary of your account.

Can you see the monthly payments going in?

hypno06

what is the fixed rate and how much do you pay a month.

I think you are probably fine.....it is just frustrating in the early days.

If you would prefer to calculate it yourself, go to www.whatsthecost.com and go to the snowball calculator and put the figures in - it will tell you how much it should go down each month.

pania

5stey when you first arranged the mortgage you should've been given a key facts illustration with all of the details on it about the mortgage payments.. probably about 8 pages long. at the back of this should be a payment schedule which shows how much at the end of each month you would've paid off the interest and the loan at the end of each month.
As stated you will probably find that you've probably paid off about £300 from the capital right now, Sorry to depress you!
If you can't find it pop in to see the advisor that arranged the remortgage for you and they should be able to give you a copy from your records.
Hope that helps
P
xx

5stey

I borrowed 95000 and I pay £566.84 per calendar month . The APR is 6.39% for the fixed rate... Am I making sense