Not taking interest out of account

puregeordie
puregeordie Posts: 185 Forumite
First Post First Anniversary Combo Breaker
in Mortgages & endowments
Hi, As title, this is a weird one I have had a mortgage for a while and all has been well then all of a sudden no interest is being taken from my mortgage, Bizarre or what. I just happen to log in and have a look for no reason as just out of the blue and they haven't took any interest off just for the the end of this month and who know's it may continue?

I've done nothing to cause this and nothing has changed in my account, everything is the same and I continue to pay mortgage as normal so I have no ideas. Not my fault at all and I guess this is a good this of they don't want it as I pay my mortgage off quicker!!:j

Anybody experienced this one?

Thanks Peeps.
«1

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Question for your lender. As sounds like a system malfunction rather than a free interest period. Your lender won't release the mortgage charge until the debt is settled either.
  • puregeordie
    puregeordie Posts: 185 Forumite
    First Post First Anniversary Combo Breaker
    Thrugelmir wrote: »
    lender won't release the mortgage charge until the debt is settled either.

    Hi, What does this mean?

    No fault as its just one month so far, once mortgage is paid its paid I guess, 18 years to go as well!

    Its fixed for 2 years and I'm sure they'll notice and sort it eventually as they can't just take more than one months interest in one go as it is an error on the banks behalf.
  • BoGoF
    BoGoF Posts: 7,083 Forumite
    Name Dropper First Anniversary First Post
    Is the mortgage with Halifax by any chance?
  • puregeordie
    puregeordie Posts: 185 Forumite
    First Post First Anniversary Combo Breaker
    yes it is.
  • BoGoF
    BoGoF Posts: 7,083 Forumite
    Name Dropper First Anniversary First Post
    You will probably find that interest is included in your current balance figure but for some reason it is not itemised for month of January.

    No interest is showing on my online banking but based on a spreadsheet I keep I know that the expected amount of interest has been added to my balance.
  • puregeordie
    puregeordie Posts: 185 Forumite
    First Post First Anniversary Combo Breaker
    Hi, Looked at my current balance today and they have not took any interest off, so its not that either? Its now the 7th so it normally updates within a day anyways around the 1st/2nd.

    I've calculated it and all my monthly mortgage has come off the current balance also with no interest added for the past 2 months.

    thank you.
  • james86b
    james86b Posts: 6 Forumite
    First Anniversary First Post
    I'm also with Halifax, same has happened to my mortgage account, no interest showing for January, yet the February payment has come off and is showing in my statements,
  • Mahsroh
    Mahsroh Posts: 769 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    BoGoF wrote: »
    You will probably find that interest is included in your current balance figure but for some reason it is not itemised for month of January.

    No interest is showing on my online banking but based on a spreadsheet I keep I know that the expected amount of interest has been added to my balance.


    Same here.
  • Dobbibill
    Dobbibill Posts: 4,134 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Same with mine with Lloyds so it seems it's across the banking group.

    The figures have been adjusted so the interest is included in the total but not showing as a statement entry.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • BoGoF
    BoGoF Posts: 7,083 Forumite
    Name Dropper First Anniversary First Post
    I have a vague recollection of this happening sometime last year as well and the interest eventually appeared.

    It's odd that to make the current balance with interest figure arithmetically correct they adjust previous months balances to suit.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards