Right, I’m having a mental block and so I thought I’d ask the question here.
Our 2 year fixed BTL interest only mortgage is finishing at the end of the month.
We’ve just had the redemption figure through before completing on the next 5yr fixed interest only BTL mortgage.
For ease of numbers, say the initial interest only BTL mortgage was for £95k
The interest has been paid on time, without issue for the 2 year period.
During the two years, for arguments sake, say we made £5k in overpayments.
Why is the redemption figure for the BTL (when the fixed 2 year period ends at the end of the month) not £90k?
The redemption figure is ~£90150. Why have I lost £150 of my overpayment?
The completion date of the new mortgage is only 2 days after the end of the fixed period (to avoid early repayment penalties) and so I wouldn’t have thought the £150 is for interest for those two days.