Yorks BS fixed rate - or not?

vix2000

I moved my mortgage a year ago from the Halifax to Yorkshire as they were offering a better fixed rate. I have always paid the same every month as it is a fixed rate mortgage, which until this month was £904.10. This month they have taken £913.13. Any ideas why? Thanks.

Markyt

What do they say?

350nutter

Probably something to do with Feb 29th, there'll be one extra days interest this year.

kingkano

Im surprised by the number of posts about this. If people had an illustration, does the extra sized payment not show on there?? Can banks really say 'its the leap year' if its not shown on the illustration? After all the fact 2008 is a leap year isnt a surprise or secret to be honest.....

nick74

You should have received a mortgage statement from YBS dated 31/12/07 some time in January or February. This will explain why your payment has changed from March onwards.
YBS calculate any changes to payment amounts with the annual statement at the end of December each year, but only change the direct debit amount from the following March.

vix2000

350nutter wrote: »

Probably something to do with Feb 29th, there'll be one extra days interest this year.

Sorry, never thought about that, Hopefully next months will be back to normal them.

Gorgeous_George

I think the 29th Feb might be a red herring. If not, it should be.

I don't pay an extra day's car insurance. My employer doesn't pay me an extra day's pay (annual salary is constant). Even the BBC don't increase the TV licence for the extra day. If they could, I'm sure they would.

GG

nick74

vix2000 wrote: »

Sorry, never thought about that, Hopefully next months will be back to normal them.

YBS don't work like that, if your payment has changed in March it will stay at the new amount until this time next year. The leap year doesn't make any difference.
Once again, read your last statement or ask them!!

vix2000

Thanks nick will ring them tomorrow.