I have a mortgage of £85,000 with £20,000ish paid off on a 30 year term (variable rate).
My initial monthly payment was around £330 per month but have been creeping up with interest rates, it’s now going up to almost £430 a month (£50 since the last rise two months ago). I just don’t understand how they can calculate this amount of difference in repayments..
Can anyone explain?!
I’ve been advised to ride with the repayment increases as it’s not a great time to remortgage, any other advice would be appreciated 🙏
In: 1
What complicates the mortgage APR is that you are paying interest on the interest. How the APR works – https://youtu.be/a22RkoupEgE
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