Gut feeling I paid off my mortgage but I am still paying!
Comments
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getmore4less wrote: »need more details because something looks wrong at the start
more accurate base rate changes
https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp
The info I gave is correct I took it straight of the original mortgage agreement.0 -
OP - regardless of any BOE base rate drop your 20 year mortgage will still take you 20 years to pay off unless you paid more than your contractual monthly payment.
Not as I understand it. If your monthly repayments stays the same yet the BOE base rate drops then I am paying the loan off faster.
What you say would be correct if my monthly repayments continuously increased and decreases with base rate but thats not the case.0 -
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Deleted_User wrote: »There's going to be some significant accrued interest from when you reduced the payments below the contractual ones.
What sort of mortgage was it? You said it was variable, but you also mention the base rate which suggests it was a tracker. What was it and what is it now?
No accrued interest the payments always covered that,
capital payments may have been slow for a bit but would have soon caught up
Needs the details, simple calculations with the correct data.0 -
Is this the let property?0
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getmore4less wrote: »Not if it is a base +2% tracker at the start.
The exact wording "Interest: The Bank Base Rate (varying) + 2% per annum charged quarterly in arrears"
Wondering if I can find an on-line calculator to do this, think it would churn out the answer in a few secs0 -
Is there a possibility - it's just a thought - that although you were sold a "Base Rate + 2%" variable rate, it is logged on the bank's computer as "Base Rate at the time + 2%" i.e. 6.75% fixed rate?
Anyway, as others have said, what does your annual statement show? Mine shows every payment, then breaks that down into how much is interest and how much capital, then gives me a running total for the capital slowly going down.:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son 0 -
If you go back to your original mortgage offer I’m convinced there will be caveat that says there will be a minimum interest rate you will pay regardless of whether the B of E Base Rate drops. This is the case for the majority of lenders but people generally don’t read all the mortgage offer paperwork.0
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Tigsteroonie wrote: »Is there a possibility - it's just a thought - that although you were sold a "Base Rate + 2%" variable rate, it is logged on the bank's computer as "Base Rate at the time + 2%" i.e. 6.75% fixed rate?
Anyway, as others have said, what does your annual statement show? Mine shows every payment, then breaks that down into how much is interest and how much capital, then gives me a running total for the capital slowly going down.
It says variable in the wording of my mortgage document so I dont see why it would be fixed.
I dont get a detailed breakdown just how much is outstanding each month.
Cant find a mortgage calculator that can be backdated, would have made it easy.0 -
If you go back to your original mortgage offer I’m convinced there will be caveat that says there will be a minimum interest rate you will pay regardless of whether the B of E Base Rate drops. This is the case for the majority of lenders but people generally don’t read all the mortgage offer paperwork.
My original mortgage agreement is one and a half A4 pages single sided. It says nothing about minimum base rate.0
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