mortgage interest

D

dowtcha

Guest
I am coming to the end of a variable interest mortgage, which I increased
repayments to finish early. I would like to have an independent check on the amount of interest charged by the building soc?

Is it likely to show up anything ?
Who could carry out this check ?

Has anyone any experience ?
Thanks
 
I've heard of a company called BankCheck who carry out similar services but I've no direct experience of them. See . (I understand that they operate on both sides of the Border.)

Other than that, you could have a go yourself, using Karl Jeacle's mortgage calculator.
 
Thanks for the post, I'll let you know how I fare out
The issue of checking is complicated by factors such as
changing repayments & interest rates, currency change from punts
to euro & introduction of tax relief at source (/by the banks), but
I am still keen to have cross checked
 
Just to let you know, I have checked through over a year when interest remained the same and repayments checked out using normal formula for amortisation, which above calculator uses

monthly repayment equals

loan amount * interest rate / (1 - (1/ 1- interest rate) to power of n)

n - number of total monthly repayments
figure for interest rate is monthly in decimal format

ie if it is 6%, then number used in formula is 0.005 , 0.06/12

after this I just had to remember to increase statement repayments for a year by interest tax relief claimed from revenue by building soc
 
to end up - I didn't uncover any undue interest charges, but I am happy
that I have checked it out & can see how these charges are arrived at
 
in the post with formula it should be (1+interest rate) instead of (1-interest rate) to the power of number of monthly repayments
 
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