Re: First year of repayment mortgage, WTF!


Andy Pandy wrote:
<public.mark.m@xxxxxxxxxxxxxx> wrote in message
news:1158147564.946311.315430@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
We used a FA who got a good fee, and assumed he would have explained it
all.

All you really need to know is that the amount you pay is worked out such that it'll
pay off your mortgage over your selected term, assuming everything stays the same. If
interest rates change, or you borrow more/make extra payments etc it'll be
recalculated. In fact the lender will recalculate it every year anyway - but if
things haven't changed the payment should stay the same.

In the early years you'll pay nearly all interest, in the later years it'll be nearly
all capital. We can provide you with the maths if you really want.

--
Andy

We are planning to move next year and had hoped to have paid at least
5k of the capital off. Ill name the rip off mortgage company First
National. Ill be going for a flexible mortgage text time so I can over
pay every month.

.