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can anyone please explain interest on mortgages

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happyfella
happyfella Community member Posts: 504 Pioneering
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

Comments

  • Cartini
    Cartini Community member Posts: 1,108 Pioneering
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    I`m not a mortgage specialist, but have managed to pay mine off recently.
    What sort of mortgage do you have?
    Andy
  • Binky1234
    Binky1234 Community member Posts: 438 Pioneering
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    Knowing When to walk away is Wisdom, being able is courage, walking away with your head held high is dignity.
  • Binky1234
    Binky1234 Community member Posts: 438 Pioneering
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    Knowing When to walk away is Wisdom, being able is courage, walking away with your head held high is dignity.
  • Binky1234
    Binky1234 Community member Posts: 438 Pioneering
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    Just noticed that the images are in the wrong order.
    Knowing When to walk away is Wisdom, being able is courage, walking away with your head held high is dignity.
  • happyfella
    happyfella Community member Posts: 504 Pioneering
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    Cartini said:
    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
    happyfella Community member Posts: 504 Pioneering
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    Binky1234 said:


    thank you so much for the information, very grateful
  • woodbine
    woodbine Community member Posts: 12,109 Disability Gamechanger
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    It all depends on the type of mortgage and if it's fixed rate or variable if it's the latter expect an increase soon as base rates went up again today by .5%
    If you are unhappy with your lender try and see if you can find a better one ?

    2024 Election won

  • Community_Scope
    Community_Scope Posts: 1,096 Pioneering
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    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

  • woodbine
    woodbine Community member Posts: 12,109 Disability Gamechanger
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    Barbadoss said:

    Barbadoss said:
    Did you consult with a lawyer or a mortgage broker when you signed the contract?

     Many people surprise me with their thoughtlessness. When I need to sign a contract, I always go to a lawyer or broker because my life could depend on it. Especially when it came to mortgages. That's a lot of money, isn't it? But a lot of people want to save a couple of hundred pounds on the services of a broker. When I was taking out a mortgage, I turned to for advice. He helped me choose the most trustworthy bank and save money on my purchase. There are things you should trust to professionals.
    I have removed your advertising link in the quote, what I would say is that mortgage brokers make their money from payments from the lender not the borrower and any broker charging the customer really isn't a proper broker.
    I suspect that most of us don't go to a lawyer every time we sign a contract as we would soon be broke, e.g new phone contract..lawyer..no, new broadband contract lawyer? no, new sky contract..lawyer ..no, I'm sure you get my drift.
    As for banks luckily they are all "trustworthy".

    2024 Election won

  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
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    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.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
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