Hi again,
As per my other thread here, the bank have agreed to back-date my interest only period to December, ie return the capital portion of December and January payments.
My problem is that they are calculating the amount of interest in those payments to be 100 per month higher than the interest only payments we are now making (and were previously when we were on interest only).
I know that the interest rate (tracker) fell between Dec and Jan and this difference is reflected in the total payment.
Figures:
Total mortgage 250,000
Interest rate ECB+.85
"normal" int-only payment @ 1.85% after trs 327
Dec payment 964
Jan payment 930
They are saying that the interest portion of Dec (2.1%) was 463 and Jan (1.85%) was 432.
I have queried their figures with the complaints dept man I've been dealing with and he double-checked and is sure they are correct as they are "based on the total outstanding amount and interest rate at any one time". He is going to get statements and get back to me next week.
What am I missing here?
As per my other thread here, the bank have agreed to back-date my interest only period to December, ie return the capital portion of December and January payments.
My problem is that they are calculating the amount of interest in those payments to be 100 per month higher than the interest only payments we are now making (and were previously when we were on interest only).
I know that the interest rate (tracker) fell between Dec and Jan and this difference is reflected in the total payment.
Figures:
Total mortgage 250,000
Interest rate ECB+.85
"normal" int-only payment @ 1.85% after trs 327
Dec payment 964
Jan payment 930
They are saying that the interest portion of Dec (2.1%) was 463 and Jan (1.85%) was 432.
I have queried their figures with the complaints dept man I've been dealing with and he double-checked and is sure they are correct as they are "based on the total outstanding amount and interest rate at any one time". He is going to get statements and get back to me next week.
What am I missing here?