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  • no change in interest rate but payments keep going up

    Been watching this with my mortgage provider and 3 times the interest rate has not changed but each time we get a letter to tell us this the payment goes up by a few pence ,, its not a lot i know but why are they doing this if the rate has stayed the same.

    The first time they put the payment up it went from xxx.66 to xxx.69 , then it changed again from xxx.69 to xxx.73 , now its changed again from xxx.73 to xxx.78 .

    I don't get it if there is no change why are they increasing payments by a few pence each time they write and tell us ?

    thanks if anyone can explain would be appreciated .
    _______________________________________




  • #2
    Re: no change in interest rate but payments keep going up

    Originally posted by Spent2much View Post
    Been watching this with my mortgage provider and 3 times the interest rate has not changed but each time we get a letter to tell us this the payment goes up by a few pence ,, its not a lot i know but why are they doing this if the rate has stayed the same.

    The first time they put the payment up it went from xxx.66 to xxx.69 , then it changed again from xxx.69 to xxx.73 , now its changed again from xxx.73 to xxx.78 .

    I don't get it if there is no change why are they increasing payments by a few pence each time they write and tell us ?

    thanks if anyone can explain would be appreciated .
    I think it's your lender who needs to do the explaining!

    Is it the same annoying one you were posting about on your other thread this time last year >

    http://forums.all-about-debt.co.uk/s...l=1#post499172

    Plan B x
    I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

    I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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    • #3
      Re: no change in interest rate but payments keep going up

      Originally posted by PlanB View Post
      I think it's your lender who needs to do the explaining!

      Is it the same annoying one you were posting about on your other thread this time last year >

      http://forums.all-about-debt.co.uk/s...l=1#post499172

      Plan B x

      Hi, no it isn't the same planB , this is every time they write to say no interest change and then they add a few pence to the monthly payment lol
      _______________________________________



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      • #4
        Re: no change in interest rate but payments keep going up

        Originally posted by Spent2much View Post
        The first time they put the payment up it went from xxx.66 to xxx.69 , then it changed again from xxx.69 to xxx.73 , now its changed again from xxx.73 to xxx.78 .

        I don't get it if there is no change why are they increasing payments by a few pence each time they write and tell us ?
        It's costing them more than that in postage each time they write to you

        This is a Libor linked mortgage isn't it? I think I know who your lender is and they send out quarterly statements. I have a mortgage with them too, so I better check mine so we can compare notes!

        Plan B x
        I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

        I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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        • #5
          Re: no change in interest rate but payments keep going up

          Doesn't payments increase the nearer it becomes to the end of the term? Or have i got that wrong?
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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          • #6
            Re: no change in interest rate but payments keep going up

            Originally posted by PlanB View Post
            It's costing them more than that in postage each time they write to you

            This is a Libor linked mortgage isn't it? I think I know who your lender is and they send out quarterly statements. I have a mortgage with them too, so I better check mine so we can compare notes!

            Plan B x
            yes and phone calls each month to hubby ,, but he is on giffgaff now so each time they call he gets extra call time minutes free on his goodybag , ha ha

            yeah check yours planB x

            - - - Updated - - -

            Originally posted by SXGuy View Post
            Doesn't payments increase the nearer it becomes to the end of the term? Or have i got that wrong?
            interest only mine so it should stay the same .
            _______________________________________



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