can anyone please explain interest on mortgages

happyfella

Hi, i have never really understood mortgages if i am going to be honest, but i thought that the interest is taken first and then over the second half of the mortgage it would go right down and you pay more off the actual mortgage.

I have a 25 year olf mortgage and only have 9 years left off the mortgage. My mortgage like tens of thousands of others were sold to another mortgage company without my permission. Apparently it is in the contract they can do that. Never missed a payment but the amount of interest they are taking from my monthly mortgage does not seem to be going down.

So just wondering if someone could explain for me how it all works on an example of a £90,000 mortgage

Cartini

Hi @happyfella,

I`m not a mortgage specialist, but have managed to pay mine off recently.

What sort of mortgage do you have?

Andy

Binky1234

Binky1234

https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

https://www.moneyhelper.org.uk/en/homes/buying-a-home/mortgage-repayment-options

These sites explains morgages.

Hope this helps @happyfella

Binky1234

Just noticed that the images are in the wrong order.

happyfella

Cartini said:

Hi @happyfella,

I`m not a mortgage specialist, but have managed to pay mine off recently.

What sort of mortgage do you have?

Andy

Not sure, we have the mortgage where we pay off the interest and also the mortgage amount. The mortgage was sold to engage credit who are a horrible company. Millions of mortgages have been sold to them. It seems lots of mortgage companies after so long sell the mortgage to them.

happyfella

Binky1234 said:

thank you so much for the information, very grateful

Community_Scope

Hello @alexjoe,

We just want to let you know we’ve edited your comment because it contained advertising. For more information about why we removed this, please consider our online community house rules.

All the best,

Tori

Online community team

calcotti

woodbine said:

I have removed your advertising link in the quote,.

I reported the advertising link to mods as soon as the post was made but it hasn’t been actioned yet. Hopefully they will get to it.