Re Mortgage shopping?

[ThunderGuts]

[Nobby the Bastard]

So neither the term was shortened nor the monthly payment went down?
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[ThunderGuts]

[Nobby the Bastard]

When I said term, I didn't meanj ust your current deal, I meant the whole period remaining until the mortgage is clear.
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[stinkwheel]

My overpayment limit is calculated as 10% of the total amount still owing.
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[ThunderGuts]

[Nobby the Bastard]

Nope. What has happened is the length of time 7ntil the debt is paid will have been reduced.

It must be one or the other. If the payments haven't reduced the term has.

Interest is charged.each month based on the actual amount t due at that point. If you have overpaid then the capital has reduced and the amount of interest in each payment has as well compared to the amount in that point in time in the original calculation.

Thus you pay more off against the capital. Net result the term reduces.

I've built spreadsheets where you can vary monthly payment and outstanding balance for people so they can see what effect overpaying will have.
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[BanditsHigh]

I made an overpayment a month or so back, asking that the monthly payment be left as is, i.e. it'd shorten the term of the mortgage by about a year.

Imagine my surprise when the term didn't change over the next few months ... when I called they said they didn't recalculate, but yes my mortgage would end sooner ... feckin confusing.

I can at least check to see how much I've left to pay, as I remortgaged with my own bank last year.

[Nobby the Bastard]

Take the amount outstanding after the the overpayment.

Work out the amount of interest at APR (divide the total interest due on the debt by 12) and then take that away from the amount you pay each month.

The remainder is how much you have paid off the debt that month.

Then recalculate the interest based on the new outsatnding debt etc.

Very easy in any spreadsheet program litereally drag and drop after the second month. Make a second column being month and year and you'll quickly be able to calculate which month and which year you'll clear it.
____________________
trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[Pete.]

[Freddyfruitba...]

It's pretty hard to think of many good sides of getting older... but I have to say, no longer having to pay off your mortgage is quite a good one.
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KC100->CB100N->CB250RS--------->DL650AL2->R1200RS->R1250RS

[Ribenapigeon]

[Nobby the Bastard]

You can all fuck off because I'm not young and I've still got 15 years to pay.

Plus today i got arseraped by my new boiler. On the plus side I'm no longer walking around with a coat on.
____________________
trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[stinkwheel]

[BanditsHigh]

[Ribenapigeon]

sorted. up about 1.5% on my old deal and fixed for the next two years and no arrangement fees as I went with my current lender. Basically I'm a tenner a month more from the end of January next year.

[dave001]

[Nobby the Bastard]

It'll have to go up more than 3 times to not be affordable for me.
____________________
trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[ThunderGuts]

[Ribenapigeon]

BoE rate is up 0.5% today, so a good job I fixed last week. I was wondering though, if is there a way to see how a rise in the BoE rate affects the rates for actual Mortgages?

[Nobby the Bastard]

Fixed it doesn't affect, variable will go up by the increase and will depend on what the rate above BOE rate you agreed with the provider.
____________________
trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[Ribenapigeon]

[Nobby the Bastard]

So, you deal will state your APR will be a percentage above BOE. Thats how you know.
____________________
trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
Triumph Sprint ST 1050

[dave001]

thank fook im morgage free and dont need to stick up and lube when visiting the bank

[Ribenapigeon]

I think im phrasing my question wrong