I was on a fixed rate but that expired a month ago and I moved to a variable to facilitate my switch which is just completing now.
Must try hardercongrats on paying off your mortgage as well. Are you only 35 years old? Jimmy85, as in 1985?
if you pay more than the redemption figure, the balance/surplus will be returned or with your solicitor. You won't be out of pocket, don't worry.
It'll be straight forward then. Calculate a daily interest amount - balance after last repayment, times interest rate, over 365
Then that's the amount your redemption increases each day. So after a week it'll be 7 times, etc.
Hi Red
Thanks for your help.
Using the daily interest amount I was able to replicate the redemption figure I had from the 28/1/2020.
I then had a mortgage balance after the 24 month period of the fixed rate, I had one payment on the variable rate, using the new daily interest rate from the variable rate of interest I am able to determine the mortgage balance at a point in time.
Thanks Again
J
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