Halifax part payments

beecher

I'm a bit confused by my mortage balance which I can check online and have never understood how often the interest is added and why the balance seems to go up and down. The Halifax don't give you a list of transactions, just the balance so I always find it diffcult to work out.

This week I've made a part repayment of £2,000 but when I check my balance it has come down by only £1,883. Can someone explain to me why this might be the case?

Thanks

UK007BullDog

I dont have the energy to explain this, plus dont know the exact system Halifax uses, but could it be that you are paying in too much and are charged an "early repayment fee". For instance Nationwide lets you overpay up to £500 per month. If you pay £500.01 they will charge you a fee for paying in more than they will "allow" before hammering you with fees. Some lenders only allow 5% or 10% per year. Maybe you are not allowed any overpayments hence they charge you for the priviledge.

You may want to read up on your allowed overpayments per month or per year.

beecher

No, it is definitely not that - I'm allowed 10% a year and phoned up the helpdesk beforehand to check on how best to do the part repayment. I suspect it may be because interest has been added for the part month and that when my next payment comes off in July it will sort itself out, but just wondered if anyone knew for definite.