Mortgage Advise

[budharley 945]

Hi looking for a bit of advise on my mortgage repayments as this stuff goes totally over my head . I had a fixed rate mortgage over 35 years but never renewed it so now it's at standard variable (I think) I've cleared my interest so now I'm paying off the mortgage . My payments are 400 a month but out of that only £230 is being paid off my mortgage I want to know where the rest is going . Any advise before I ring up and make myself look a wally

[frazdog 252]

go to the bank lad an ask a lot of questions lad

[walshie 2,804]

Not sure what you mean about "clearing the interest". You can't have paid if off because the total interest payable would depend on how long you keep the mortgage and what the interest rates are each year until then.

 

It's your money and your house, so as said above, ask.

 

P.S. Wally!

[unlacedgecko 1,466]

Not sure what you mean about "clearing the interest". You can't have paid if off because the total interest payable would depend on how long you keep the mortgage and what the interest rates are each year until then.

 

It's your money and your house, so as said above, ask.

 

P.S. Wally!

Also, its compound interest, so you pay interest on the interest. The interest will only be paid off once the mortgage in its entirety is paid off.

 

The mortgage payment may also include compulsory life and buildings insurance, depending in who you bought these products from.

[stealthy1 3,964]

Christmas bonus's

[s.e.s.k.u 1,893]

You need to see a mortgage advisor. .could save yourself a lot of money. .

[Brigzy 1,298]

Just ask whoever you got your mortgage from !

[budharley 945]

I'm thick as feck me lol shit like that makes my head hurt haha I'll ring tomorrow .i ain't gt a clue about interest and all that

[THE STIFFMEISTER 14,558]

Is your insurance include on your payment?

[kingnewport 19]

Stuff the bank they just want you to use there mortgages. Go see a free lance mortgage bloke. They might charge but know there stuff.

[budharley 945]

No I have no insurance tied in with the mortgage what I meant was I've cleared the the amount I'm charged for lending said amount . Now I thought the money I'm paying would come off my mortgage bar the interest of said percentage not 170 a month which is about 45 percent

I'm shit at figures I only use the bank to pay bills I buy everything in cash

Edited December 14, 2014 by budharley

[bell 3,503]

Mate, the £230 will be the loan and the remaining £170 will be the interest on top. You need to change ASAP from the standard variable rate which will no doubt be 3 to 5 percent. You should get another fixed rate for about 2 percent, but check out the cost of the product and arrangement fees on top. Go on a compare website or an independant advisor and they will do the donkey work for you. You get fecked over whichever way you go but you can make it slightly more bearable.......best of luck.

 

Bell