When the interest rate on a mortgage changes, is the change calculated on the original amount borrowed or on the amount owed at that particular time.
I borrowed 265K in 2005 over 25 years on a tracker mortgage. I now owe 203K and the rate is 1.75%.
Should the 1.75% rate be calculated on the 265K over 25 years or on the 203K over 16 years? I'm with EBS and they seem to be calculating it over the 16 years.
I borrowed 265K in 2005 over 25 years on a tracker mortgage. I now owe 203K and the rate is 1.75%.
Should the 1.75% rate be calculated on the 265K over 25 years or on the 203K over 16 years? I'm with EBS and they seem to be calculating it over the 16 years.