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P. Red Rocket
Joined: 14 Feb 2008 Karma :
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Posted: 13:24 - 27 Jul 2022 Post subject: |
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So from my stuff, added to that, the last 2 figures of 499.68 and 499.04, thats the first time you see capital higher than interest, is that when I start leaving the negative equity side?
Month 18 capital £499.68 interest £499.04 |
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ThunderGuts |
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ThunderGuts World Chat Champion
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arry |
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arry Super Spammer
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Villers World Chat Champion
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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P. Red Rocket
Joined: 14 Feb 2008 Karma :
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Posted: 09:36 - 28 Jul 2022 Post subject: |
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Ah cool cool, thanks for clearing that up |
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arry |
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arry Super Spammer
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Villers World Chat Champion
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B5234FT |
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B5234FT Brolly Dolly
Joined: 28 Sep 2009 Karma :
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Posted: 10:29 - 01 Aug 2022 Post subject: Re: Remortgaging |
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ThunderGuts wrote: | My question is:
Do we then start out again at the top of the curve, with 95% of the initial monthly payments going into interest, 5% on capital, therefore ultimately paying more in interest if the rates were equal, meaning that any improved rate on offer from another mortgage company would have to be offset against the fact that a greater amount of interest would potentially be paid over the remaining term of the mortgage?
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Not unless you take the new mortgage for the same amount as the old one.
The curve you refer to occurs as the repayments are roughly constant, but the outstanding balance (and therefore the interest you pay on it) reduces over time.
Say you borrowed 100k two years ago.
On a 'normal' 25 year mortgage, you might now owe 95k for example, and therefore you're paying less interest than you were two years ago and more of your monthly payment is going to capital repayment.
With mortgages with a fixed rate element, you can take a new deal now to minimise the interest rate, but at 95k over 23 years (remaining balance over remaining term).
If you were to remortgage at 100k over 25 years then yes, you'd be standing still on the curve. You might choose to do this to release equity for improvements or similar. |
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ThunderGuts World Chat Champion
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Polarbear |
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Polarbear Super Spammer
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ThunderGuts World Chat Champion
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Old Thread Alert!
There is a gap of 322 days between these two posts... |
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SmithAnderson |
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SmithAnderson L Plate Warrior
Joined: 26 Jun 2023 Karma :
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Posted: 13:49 - 26 Jun 2023 Post subject: |
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Sorry for bumping the thread. As far as I know, the percentage of the loan dedicated to interest should indeed become smaller over time. When you switch loan providers, the interest percentage is typically calculated based on the remaining loan amount. However, it's important to note that the faster you repay the loan, the less you'll be paying in interest over the long term. That being said, it's always a good idea to consult with specialists when it comes to mortgage-related questions. For example, I usually, reach out to a Mortgage Broker in Huddersfield, but you can choose the one in your area. They have the expertise to guide you through the intricacies of remortgaging and help you make the best decision for your financial goals.
Last edited by SmithAnderson on 13:01 - 29 Jun 2023; edited 1 time in total |
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that_impulse_guy |
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that_impulse_guy Scooby Slapper
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Posted: 20:01 - 26 Jun 2023 Post subject: |
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ThunderGuts wrote: | No indeed! Glad I didn't sit on it for any longer. I anticipate another 0.5-1% over the coming 12-18 months. |
anyway..
mortgage amortisation tables is the search term, example here.
https://www.citrusmortgages.co.uk/mortgage-amortisation-cost-calculator/ ____________________ Gone: Yamaha DT50lc, Suzuki DR500, Suzuki A100, Kawasaki z250ltd, RD350YPVS, Suzuki DR Big, Kawasaki AR125, Kawasaki KMX200, Suzuki GS1000S, Katana 1100, GS550M, Suzuki RGV250
Now: Suzuki GSX400X, Suzuki RF900R, NS400R |
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Pete. Super Spammer
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DaddyStu Spanner Monkey
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BaiseMaHache |
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BaiseMaHache L Plate Warrior
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