Mortgage Contract Change

karlitob

Thanks so much for your advice.

When you say they're charging you more than agreed, do you mean interest payments applied to the loan or do you mean the direct debit collection amount?

You said the important information section- section of what? The loan agreement? The loan agreement is the only agreement. If there's something different in an online loan calculator or AIP, that doesn't matter.

You can't go to the ombudsman until you've completed the mortgage provider's complaints process first.

The interest isn't just calculated evenly over the period. Its calculated continuously (in most cases, daily) based on the outstanding loan amount. So the timing of the repayment does matter because the sooner it comes off the loan amount, the lower the overall interest/total cost of credit will be.

Re things that should be in a mortgage agreement, see the Consumer Credit Act. I'd be shocked if the relevant clauses aren't in the contract, mortgages are so tightly regulated.

awec

Interest is usually calculated daily and then charged monthly or quarterly. Paying late, or having a longer period than usual between payments will result in more interest being charged.