Mortgage endowment complaint

Well, almost. MIRAS makes the repayment calculation a bit more "interesting", and what with MIRAS being a thing of the past, I've gone and mislaid my old program for working it out.

Grrr. Back to first principles.

I can feel a sudden attack of nostalgia coming on.

Reply to
Ronald Raygun
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To be honest I have not really considered this option because the projected final amount is only 16,900 presuming 4% growth or 19,600 presuming 6%. I did not consider this to be very good and did not really want to carry on paying into something that appeared to have performed badly? I don't know, what do you think? I am having trouble finding an IFA that can deal with this query (calculating the sum paid using the repayment method over the term so far) I have contatced about 5 now, all of whom are registered, none of which I have confidence in after speaking with them. Anyone recommend a company in N Wales?

Reply to
yvonne

Why do you say that the first wasn't mis-sold and the second one was? You seem to be implying that the first was sold correctly because its doing well, but the relative performance of the two policies has nothing to do with whether they were mis-sold. There is an argument that if you were happy with the first policy, your attitude to risk was such that a 'top up' endowment policy was suitable for you. (Although the argument on the other side is that if a policy is sold fraudulently, it is extremely difficult to justify the sale).

However, I'm glad you've managed to sort out your mortgage arrangements to your satisfaction!

Laura

Reply to
Laura

In message , yvonne writes

Reply to
john boyle

The first was sold to me in 1983, when the prospects for endowments seemed to be acceptable. And the relative merits of endowment vs repayment were discussed with me. The mortgage adviser was fairly clear that the endowment was a gamble compared to a repayment mortgage but I was willing to accept that gamble.

The second was sold to me on a "shotgun" basis. The seller told me that no other mortgage was available to me, and that was in fact the impression that I gained from the market at the time. The previous lender refused to consider a larger mortgage because I had just become self employed. Yet I also (for personal reasons) had little choice other than to move home. A year after the mortgage had been arranged I discovered that I had been lied to, the building society had made two offers via the mortgage adviser one for a repayment mortgage, the other for an endowment. The BS had also offered a range of products as top-ups for the endowment mortgage. The mortgage adviser had given me one option, had lied about the availability of another type of mortgage and had concealed the range of alternative endowments from me in order to sell the one that gave him the largest commission.

I'm still pursuing this case, hwoever access to the documents created by the mortgage adviser at the time indicate that he has also retrospectively forged the documents that recorded the advice given to me.

Reply to
Steve Firth

I think you need professional, independent advice. I'm not qualified to judge your circumstances.

I couldn't find anyone I trusted in Hampshire let alone N. Wales. I ended up consulting Fiona Price Associates in London. They have an excellent reputation, and especially so for dealing with women and finance without the "ho ho little girl" attitude of most of them. Which may be of more use to you than it was to me. I considered their advice good, worth paying for in fact.

Reply to
Steve Firth

OK. Sorry for the delay but apart from having to re-write my MIRAS-aware repayment calculator from scratch I've also had to do some research to remind myself of the dates and scope of MIRAS, and of the relevant tax rates.

MIRAS was restricted to basic rate from 1991/2 (previously at your highest rate - but I'll assume you were a basic rate taxpayer). Basic rate was 27% in 87/88, 25% from 88/89, but MIRAS was restriced to 20% in 94/5 and then 15,15,15,10,10 % and finally 0% from 2000/01.

I'll also assume that interest would be applied and payments taken on the last day of each month, and that the last few days of Aug87 would make no contribution to paying anything off, typically you'd pay an extra 4 days' interest with your 30/9/87 payment. Effectively I'd treat this as a 300 month loan beginning on 01/09/87.

Other assumptions: The interest would be charged per month, no matter how many days in the month, so the interest rate would be a twelfth each month of the annual rate you've provided, instead of being an Nth per day (this would involve having to decide whether N should be 365, 366, 365.25, or 365.2425). If the rate changes part way through the month I assume it will be apportioned pro rata by the actual number of days in the month affected.

I'll assume the interest and payment is applied on the last day of the month, and that the monthly payment is calculated at the outset, and not recalculated until 31/12 of each year.

Watch this space.

Reply to
Ronald Raygun

Usually you get a poor deal by surrendering endowments early - at least if they are with-profits, I'm not sure if you said what you have, but that's usually what's used for mortgages. Especially now, most companies are applying a penalty (MVA). You should look at the terms carefully, sometimes you can get out without an MVA on particular dates. The future for w/p funds is not all that bright because even if stockmarkets recover the bonuses will take a long time to follow as the companies increase their reserves. OTOH the MVAs may well be removed within a year or two. Also you can usually make the policy "paid up", i.e. you stop paying into it but keep what you have so far.

Reply to
Stephen Burke

OK, here are my results. My calculations show that, based on the assumptions I said I made, the amount you would have paid off is within a couple of hundred pounds of what FP say they would be. They say you'd have paid off £15698 and owe £18956, and according to my calculations the amounts would be £15442 and £19212. In fact, FP's offer is £256 better than my calcs suggest it should be.

Details follow. Sorry it's so big.

Where it says "Paid xxxx+yyyy" this means the total interest paid to date is xxxx and the amount paid off the capital is yyyy. Notice how the balance remaining, plus yyyy, always equals the initial balance.

Term: 300 months, Initial balance 34654.00 From 1987-09-01 to 1987-12-31 interest 11.25%, tax relief 27%

1987-09-30 Int 248.94, Pay 276.67, Bal 34626.28, Paid 248.94+27.72 1987-10-31 Int 248.68, Pay 276.67, Bal 34598.29, Paid 497.63+55.71 1987-11-30 Int 248.42, Pay 276.67, Bal 34570.04, Paid 746.05+83.96 1987-12-31 Int 248.16, Pay 276.67, Bal 34541.53, Paid 994.21+112.47 From 1988-01-01 to 1988-04-05 interest 10.25%, tax relief 27% Recalculating payments, 296 months left 1988-01-31 Int 225.85, Pay 259.34, Bal 34508.05, Paid 1220.06+145.95 1988-02-29 Int 225.57, Pay 259.34, Bal 34474.28, Paid 1445.63+179.72 1988-03-31 Int 225.28, Pay 259.34, Bal 34440.22, Paid 1670.91+213.78 1988-04-05 Accruing 37.50 From 1988-04-06 to 1988-04-30 interest 10.25%, tax relief 25% 1988-04-30 Int 229.26, Pay 259.34, Bal 34410.14, Paid 1900.17+243.86 From 1988-05-01 to 1988-07-31 interest 9.75%, tax relief 25% 1988-05-31 Int 218.64, Pay 259.34, Bal 34369.45, Paid 2118.81+284.55 1988-06-30 Int 218.31, Pay 259.34, Bal 34328.42, Paid 2337.13+325.58 1988-07-31 Int 217.98, Pay 259.34, Bal 34287.06, Paid 2555.11+366.94 From 1988-08-01 to 1988-09-30 interest 11.50%, tax relief 25% 1988-08-31 Int 256.71, Pay 259.34, Bal 34284.43, Paid 2811.82+369.57 1988-09-30 Int 256.68, Pay 259.34, Bal 34281.78, Paid 3068.50+372.22 From 1988-10-01 to 1988-12-31 interest 12.75%, tax relief 25% 1988-10-31 Int 284.56, Pay 259.34, Bal 34306.99, Paid 3353.06+347.01 1988-11-30 Int 284.82, Pay 259.34, Bal 34332.48, Paid 3637.88+321.52 1988-12-31 Int 285.10, Pay 259.34, Bal 34358.23, Paid 3922.98+295.77 From 1989-01-01 to 1989-01-08 interest 12.75%, tax relief 25% Recalculating payments, 284 months left 1989-01-08 Accruing 73.64 From 1989-01-09 to 1989-06-30 interest 13.50%, tax relief 25% 1989-01-31 Int 297.82, Pay 310.49, Bal 34345.56, Paid 4220.80+308.44 1989-02-28 Int 302.01, Pay 310.49, Bal 34337.08, Paid 4522.81+316.92 1989-03-31 Int 301.92, Pay 310.49, Bal 34328.51, Paid 4824.73+325.49 1989-04-30 Int 301.82, Pay 310.49, Bal 34319.84, Paid 5126.55+334.16 1989-05-31 Int 301.72, Pay 310.49, Bal 34311.07, Paid 5428.28+342.93 1989-06-30 Int 301.62, Pay 310.49, Bal 34302.20, Paid 5729.90+351.80 From 1989-07-01 to 1989-10-15 interest 13.80%, tax relief 25% 1989-07-31 Int 308.23, Pay 310.49, Bal 34299.93, Paid 6038.13+354.07 1989-08-31 Int 308.20, Pay 310.49, Bal 34297.64, Paid 6346.32+356.36 1989-09-30 Int 308.17, Pay 310.49, Bal 34295.32, Paid 6654.50+358.68 1989-10-15 Accruing 149.10 From 1989-10-16 to 1989-12-31 interest 14.50%, tax relief 25% 1989-10-31 Int 316.21, Pay 310.49, Bal 34301.04, Paid 6970.71+352.96 1989-11-30 Int 323.85, Pay 310.49, Bal 34314.40, Paid 7294.56+339.60 1989-12-31 Int 324.01, Pay 310.49, Bal 34327.91, Paid 7618.56+326.09 From 1990-01-01 to 1990-02-22 interest 14.50%, tax relief 25% Recalculating payments, 272 months left 1990-01-31 Int 324.17, Pay 346.14, Bal 34305.94, Paid 7942.74+348.06 1990-02-22 Accruing 254.50 From 1990-02-23 to 1990-11-04 interest 15.40%, tax relief 25% 1990-02-28 Int 328.21, Pay 346.14, Bal 34288.00, Paid 8270.95+366.00 1990-03-31 Int 343.78, Pay 346.14, Bal 34285.64, Paid 8614.73+368.36 1990-04-30 Int 343.75, Pay 346.14, Bal 34283.24, Paid 8958.48+370.76 1990-05-31 Int 343.72, Pay 346.14, Bal 34280.82, Paid 9302.20+373.18 1990-06-30 Int 343.69, Pay 346.14, Bal 34278.36, Paid 9645.88+375.64 1990-07-31 Int 343.66, Pay 346.14, Bal 34275.87, Paid 9989.54+378.13 1990-08-31 Int 343.62, Pay 346.14, Bal 34273.35, Paid 10333.16+380.65 1990-09-30 Int 343.59, Pay 346.14, Bal 34270.79, Paid 10676.75+383.21 1990-10-31 Int 343.56, Pay 346.14, Bal 34268.21, Paid 11020.31+385.79 1990-11-04 Accruing 45.80 From 1990-11-05 to 1990-12-31 interest 14.50%, tax relief 25% 1990-11-30 Int 326.13, Pay 346.14, Bal 34248.19, Paid 11346.44+405.81 1990-12-31 Int 323.21, Pay 346.14, Bal 34225.25, Paid 11669.64+428.75 From 1991-01-01 to 1991-04-07 interest 14.50%, tax relief 25% Recalculating payments, 260 months left 1991-01-31 Int 322.93, Pay 348.28, Bal 34199.90, Paid 11992.57+454.10 1991-02-28 Int 322.62, Pay 348.28, Bal 34174.24, Paid 12315.20+479.76 1991-03-31 Int 322.31, Pay 348.28, Bal 34148.28, Paid 12637.51+505.72 1991-04-07 Accruing 75.13 From 1991-04-08 to 1991-05-16 interest 13.75%, tax relief 25% 1991-04-30 Int 309.23, Pay 348.28, Bal 34109.23, Paid 12946.74+544.77 1991-05-16 Accruing 157.37 From 1991-05-17 to 1991-06-30 interest 12.95%, tax relief 25% 1991-05-31 Int 296.31, Pay 348.28, Bal 34057.26, Paid 13243.06+596.74 1991-06-30 Int 286.60, Pay 348.28, Bal 33995.58, Paid 13529.65+658.42 From 1991-07-01 to 1991-08-11 interest 12.45%, tax relief 25% 1991-07-31 Int 274.89, Pay 348.28, Bal 33922.19, Paid 13804.55+731.81 1991-08-11 Accruing 97.27 From 1991-08-12 to 1991-10-13 interest 11.95%, tax relief 25% 1991-08-31 Int 267.03, Pay 348.28, Bal 33840.93, Paid 14071.57+813.07 1991-09-30 Int 262.31, Pay 348.28, Bal 33754.97, Paid 14333.89+899.03 1991-10-13 Accruing 109.64 From 1991-10-14 to 1991-12-31 interest 11.50%, tax relief 25% 1991-10-31 Int 255.74, Pay 348.28, Bal 33662.42, Paid 14589.62+991.58 1991-11-30 Int 250.72, Pay 348.28, Bal 33564.87, Paid 14840.35+1089.13 1991-12-31 Int 249.79, Pay 348.28, Bal 33466.37, Paid 15090.14+1187.63 From 1992-01-01 to 1992-03-26 interest 11.50%, tax relief 25% Recalculating payments, 248 months left 1992-01-31 Int 248.84, Pay 291.63, Bal 33423.59, Paid 15338.98+1230.41 1992-02-29 Int 248.43, Pay 291.63, Bal 33380.39, Paid 15587.41+1273.61 1992-03-26 Accruing 208.02 From 1992-03-27 to 1992-06-30 interest 10.95%, tax relief 25% 1992-03-31 Int 246.11, Pay 291.63, Bal 33334.87, Paid 15833.52+1319.13 1992-04-30 Int 235.74, Pay 291.63, Bal 33278.98, Paid 16069.26+1375.02 1992-05-31 Int 235.23, Pay 291.63, Bal 33222.58, Paid 16304.50+1431.42 1992-06-30 Int 234.72, Pay 291.63, Bal 33165.67, Paid 16539.22+1488.33 From 1992-07-01 to 1992-12-31 interest 10.70%, tax relief 25% 1992-07-31 Int 228.85, Pay 291.63, Bal 33102.89, Paid 16768.07+1551.11 1992-08-31 Int 228.29, Pay 291.63, Bal 33039.55, Paid 16996.36+1614.45 1992-09-30 Int 227.73, Pay 291.63, Bal 32975.65, Paid 17224.09+1678.35 1992-10-31 Int 227.16, Pay 291.63, Bal 32911.17, Paid 17451.25+1742.83 1992-11-30 Int 226.58, Pay 291.63, Bal 32846.12, Paid 17677.83+1807.88 1992-12-31 Int 226.00, Pay 291.63, Bal 32780.49, Paid 17903.83+1873.51 From 1993-01-01 to 1993-08-12 interest 9.25%, tax relief 25% Recalculating payments, 236 months left 1993-01-31 Int 194.87, Pay 255.72, Bal 32719.64, Paid 18098.70+1934.36 1993-02-28 Int 194.40, Pay 255.72, Bal 32658.32, Paid 18293.10+1995.68 1993-03-31 Int 193.93, Pay 255.72, Bal 32596.53, Paid 18487.03+2057.47 1993-04-30 Int 193.45, Pay 255.72, Bal 32534.26, Paid 18680.49+2119.74 1993-05-31 Int 192.97, Pay 255.72, Bal 32471.52, Paid 18873.46+2182.48 1993-06-30 Int 192.49, Pay 255.72, Bal 32408.28, Paid 19065.95+2245.72 1993-07-31 Int 192.00, Pay 255.72, Bal 32344.56, Paid 19257.95+2309.44 1993-08-12 Accruing 74.13 From 1993-08-13 to 1994-04-05 interest 7.77%, tax relief 25% 1993-08-31 Int 172.73, Pay 255.72, Bal 32261.57, Paid 19430.68+2392.43 1993-09-30 Int 160.33, Pay 255.72, Bal 32166.18, Paid 19591.01+2487.82 1993-10-31 Int 159.71, Pay 255.72, Bal 32070.17, Paid 19750.72+2583.83 1993-11-30 Int 159.09, Pay 255.72, Bal 31973.55, Paid 19909.81+2680.45 1993-12-31 Int 158.47, Pay 255.72, Bal 31876.29, Paid 20068.28+2777.71 Recalculating payments, 224 months left 1994-01-31 Int 157.84, Pay 234.04, Bal 31800.08, Paid 20226.12+2853.92 1994-02-28 Int 157.34, Pay 234.04, Bal 31723.38, Paid 20383.46+2930.62 1994-03-31 Int 156.85, Pay 234.04, Bal 31646.19, Paid 20540.31+3007.81 1994-04-05 Accruing 26.06 From 1994-04-06 to 1995-04-05 interest 7.77%, tax relief 20% 1994-04-30 Int 164.44, Pay 234.04, Bal 31576.58, Paid 20704.75+3077.42 1994-05-31 Int 165.61, Pay 234.04, Bal 31508.15, Paid 20870.36+3145.85 1994-06-30 Int 165.17, Pay 234.04, Bal 31439.27, Paid 21035.52+3214.73 1994-07-31 Int 164.72, Pay 234.04, Bal 31369.95, Paid 21200.24+3284.05 1994-08-31 Int 164.27, Pay 234.04, Bal 31300.18, Paid 21364.51+3353.82 1994-09-30 Int 163.82, Pay 234.04, Bal 31229.95, Paid 21528.33+3424.05 1994-10-31 Int 163.36, Pay 234.04, Bal 31159.27, Paid 21691.69+3494.73 1994-11-30 Int 162.91, Pay 234.04, Bal 31088.14, Paid 21854.60+3565.86 1994-12-31 Int 162.45, Pay 234.04, Bal 31016.54, Paid 22017.04+3637.46 Recalculating payments, 212 months left 1995-01-31 Int 161.98, Pay 241.46, Bal 30937.06, Paid 22179.03+3716.94 1995-02-28 Int 161.47, Pay 241.46, Bal 30857.06, Paid 22340.49+3796.94 1995-03-31 Int 160.95, Pay 241.46, Bal 30776.55, Paid 22501.44+3877.45 1995-04-05 Accruing 26.74 From 1995-04-06 to 1998-03-31 interest 7.77%, tax relief 15% 1995-04-30 Int 168.52, Pay 241.46, Bal 30703.61, Paid 22669.97+3950.39 1995-05-31 Int 169.67, Pay 241.46, Bal 30631.81, Paid 22839.63+4022.19 1995-06-30 Int 169.20, Pay 241.46, Bal 30559.55, Paid 23008.84+4094.45 1995-07-31 Int 168.74, Pay 241.46, Bal 30486.82, Paid 23177.57+4167.18 1995-08-31 Int 168.26, Pay 241.46, Bal 30413.63, Paid 23345.84+4240.37 1995-09-30 Int 167.79, Pay 241.46, Bal 30339.95, Paid 23513.63+4314.05 1995-10-31 Int 167.31, Pay 241.46, Bal 30265.80, Paid 23680.94+4388.20 1995-11-30 Int 166.83, Pay 241.46, Bal 30191.17, Paid 23847.78+4462.83 1995-12-31 Int 166.35, Pay 241.46, Bal 30116.06, Paid 24014.13+4537.94 Recalculating payments, 200 months left 1996-01-31 Int 165.86, Pay 248.74, Bal 30033.19, Paid 24179.99+4620.81 1996-02-29 Int 165.33, Pay 248.74, Bal 29949.78, Paid 24345.32+4704.22 1996-03-31 Int 164.84, Pay 248.74, Bal 29865.87, Paid 24510.15+4788.13 1996-04-30 Int 164.37, Pay 248.74, Bal 29781.51, Paid 24674.53+4872.49 1996-05-31 Int 163.91, Pay 248.74, Bal 29696.68, Paid 24838.44+4957.32 1996-06-30 Int 163.44, Pay 248.74, Bal 29611.39, Paid 25001.88+5042.61 1996-07-31 Int 162.97, Pay 248.74, Bal 29525.63, Paid 25164.85+5128.37 1996-08-31 Int 162.50, Pay 248.74, Bal 29439.39, Paid 25327.36+5214.61 1996-09-30 Int 162.03, Pay 248.74, Bal 29352.68, Paid 25489.38+5301.32 1996-10-31 Int 161.55, Pay 248.74, Bal 29265.49, Paid 25650.93+5388.51 1996-11-30 Int 161.07, Pay 248.74, Bal 29177.82, Paid 25812.00+5476.18 1996-12-31 Int 160.59, Pay 248.74, Bal 29089.67, Paid 25972.59+5564.33 Recalculating payments, 188 months left 1997-01-31 Int 160.10, Pay 248.74, Bal 29001.04, Paid 26132.69+5652.96 1997-02-28 Int 159.61, Pay 248.74, Bal 28911.91, Paid 26292.31+5742.09 1997-03-31 Int 159.12, Pay 248.74, Bal 28822.30, Paid 26451.43+5831.70 1997-04-30 Int 158.63, Pay 248.74, Bal 28732.19, Paid 26610.06+5921.81 1997-05-31 Int 158.13, Pay 248.74, Bal 28641.59, Paid 26768.20+6012.41 1997-06-30 Int 157.64, Pay 248.74, Bal 28550.49, Paid 26925.83+6103.51 1997-07-31 Int 157.13, Pay 248.74, Bal 28458.89, Paid 27082.97+6195.11 1997-08-31 Int 156.63, Pay 248.74, Bal 28366.78, Paid 27239.60+6287.22 1997-09-30 Int 156.12, Pay 248.74, Bal 28274.17, Paid 27395.72+6379.83 1997-10-31 Int 155.61, Pay 248.74, Bal 28181.04, Paid 27551.34+6472.96 1997-11-30 Int 155.10, Pay 248.74, Bal 28087.41, Paid 27706.44+6566.59 1997-12-31 Int 154.59, Pay 248.74, Bal 27993.25, Paid 27861.02+6660.75 Recalculating payments, 176 months left 1998-01-31 Int 154.07, Pay 248.74, Bal 27898.58, Paid 28015.09+6755.42 1998-02-28 Int 153.55, Pay 248.74, Bal 27803.39, Paid 28168.64+6850.61 1998-03-31 Int 153.02, Pay 248.74, Bal 27707.68, Paid 28321.66+6946.32 From 1998-04-01 to 1998-04-05 interest 6.20%, tax relief 15% 1998-04-05 Accruing 20.28 From 1998-04-06 to 2000-04-05 interest 6.20%, tax relief 10% 1998-04-30 Int 127.65, Pay 248.74, Bal 27586.59, Paid 28449.31+7067.41 1998-05-31 Int 128.28, Pay 248.74, Bal 27466.13, Paid 28577.59+7187.87 1998-06-30 Int 127.72, Pay 248.74, Bal 27345.11, Paid 28705.30+7308.89 1998-07-31 Int 127.15, Pay 248.74, Bal 27223.53, Paid 28832.46+7430.47 1998-08-31 Int 126.59, Pay 248.74, Bal 27101.38, Paid 28959.05+7552.62 1998-09-30 Int 126.02, Pay 248.74, Bal 26978.66, Paid 29085.07+7675.34 1998-10-31 Int 125.45, Pay 248.74, Bal 26855.37, Paid 29210.52+7798.63 1998-11-30 Int 124.88, Pay 248.74, Bal 26731.51, Paid 29335.40+7922.49 1998-12-31 Int 124.30, Pay 248.74, Bal 26607.08, Paid 29459.70+8046.92 Recalculating payments, 164 months left 1999-01-31 Int 123.72, Pay 232.25, Bal 26498.55, Paid 29583.42+8155.45 1999-02-28 Int 123.22, Pay 232.25, Bal 26389.53, Paid 29706.64+8264.47 1999-03-31 Int 122.71, Pay 232.25, Bal 26279.99, Paid 29829.35+8374.01 1999-04-30 Int 122.20, Pay 232.25, Bal 26169.95, Paid 29951.55+8484.05 1999-05-31 Int 121.69, Pay 232.25, Bal 26059.39, Paid 30073.24+8594.61 1999-06-30 Int 121.18, Pay 232.25, Bal 25948.32, Paid 30194.42+8705.68 1999-07-31 Int 120.66, Pay 232.25, Bal 25836.73, Paid 30315.08+8817.27 1999-08-31 Int 120.14, Pay 232.25, Bal 25724.63, Paid 30435.22+8929.37 1999-09-30 Int 119.62, Pay 232.25, Bal 25612.00, Paid 30554.84+9042.00 1999-10-31 Int 119.10, Pay 232.25, Bal 25498.85, Paid 30673.94+9155.15 1999-11-30 Int 118.57, Pay 232.25, Bal 25385.17, Paid 30792.51+9268.83 1999-12-31 Int 118.04, Pay 232.25, Bal 25270.97, Paid 30910.55+9383.03 Recalculating payments, 152 months left 2000-01-31 Int 117.51, Pay 232.25, Bal 25156.23, Paid 31028.06+9497.77 2000-02-29 Int 116.98, Pay 232.25, Bal 25040.96, Paid 31145.03+9613.04 2000-03-31 Int 116.44, Pay 232.25, Bal 24925.16, Paid 31261.47+9728.84 2000-04-05 Accruing 19.32 From 2000-04-06 to 2003-09-17 interest 6.20%, tax relief 0% 2000-04-30 Int 126.63, Pay 232.25, Bal 24819.54, Paid 31388.11+9834.46 2000-05-31 Int 128.23, Pay 232.25, Bal 24715.53, Paid 31516.34+9938.47 2000-06-30 Int 127.70, Pay 232.25, Bal 24610.98, Paid 31644.04+10043.02 2000-07-31 Int 127.16, Pay 232.25, Bal 24505.89, Paid 31771.20+10148.11 2000-08-31 Int 126.61, Pay 232.25, Bal 24400.26, Paid 31897.81+10253.74 2000-09-30 Int 126.07, Pay 232.25, Bal 24294.08, Paid 32023.88+10359.92 2000-10-31 Int 125.52, Pay 232.25, Bal 24187.35, Paid 32149.40+10466.65 2000-11-30 Int 124.97, Pay 232.25, Bal 24080.07, Paid 32274.36+10573.93 2000-12-31 Int 124.41, Pay 232.25, Bal 23972.24, Paid 32398.78+10681.76 Recalculating payments, 140 months left 2001-01-31 Int 123.86, Pay 240.98, Bal 23855.12, Paid 32522.63+10798.88 2001-02-28 Int 123.25, Pay 240.98, Bal 23737.38, Paid 32645.89+10916.62 2001-03-31 Int 122.64, Pay 240.98, Bal 23619.04, Paid 32768.53+11034.96 2001-04-30 Int 122.03, Pay 240.98, Bal 23500.09, Paid 32890.56+11153.91 2001-05-31 Int 121.42, Pay 240.98, Bal 23380.53, Paid 33011.98+11273.47 2001-06-30 Int 120.80, Pay 240.98, Bal 23260.34, Paid 33132.78+11393.66 2001-07-31 Int 120.18, Pay 240.98, Bal 23139.54, Paid 33252.96+11514.46 2001-08-31 Int 119.55, Pay 240.98, Bal 23018.11, Paid 33372.51+11635.89 2001-09-30 Int 118.93, Pay 240.98, Bal 22896.05, Paid 33491.44+11757.95 2001-10-31 Int 118.30, Pay 240.98, Bal 22773.36, Paid 33609.73+11880.64 2001-11-30 Int 117.66, Pay 240.98, Bal 22650.04, Paid 33727.40+12003.96 2001-12-31 Int 117.03, Pay 240.98, Bal 22526.09, Paid 33844.42+12127.91 Recalculating payments, 128 months left 2002-01-31 Int 116.38, Pay 240.98, Bal 22401.49, Paid 33960.81+12252.51 2002-02-28 Int 115.74, Pay 240.98, Bal 22276.24, Paid 34076.55+12377.76 2002-03-31 Int 115.09, Pay 240.98, Bal 22150.35, Paid 34191.64+12503.65 2002-04-30 Int 114.44, Pay 240.98, Bal 22023.82, Paid 34306.08+12630.18 2002-05-31 Int 113.79, Pay 240.98, Bal 21896.62, Paid 34419.87+12757.38 2002-06-30 Int 113.13, Pay 240.98, Bal 21768.77, Paid 34533.01+12885.23 2002-07-31 Int 112.47, Pay 240.98, Bal 21640.26, Paid 34645.48+13013.74 2002-08-31 Int 111.81, Pay 240.98, Bal 21511.08, Paid 34757.29+13142.92 2002-09-30 Int 111.14, Pay 240.98, Bal 21381.24, Paid 34868.43+13272.76 2002-10-31 Int 110.47, Pay 240.98, Bal 21250.73, Paid 34978.90+13403.27 2002-11-30 Int 109.80, Pay 240.98, Bal 21119.54, Paid 35088.69+13534.46 2002-12-31 Int 109.12, Pay 240.98, Bal 20987.67, Paid 35197.81+13666.33 Recalculating payments, 116 months left 2003-01-31 Int 108.44, Pay 240.98, Bal 20855.13, Paid 35306.25+13798.87 2003-02-28 Int 107.75, Pay 240.98, Bal 20721.90, Paid 35414.00+13932.10 2003-03-31 Int 107.06, Pay 240.98, Bal 20587.98, Paid 35521.06+14066.02 2003-04-30 Int 106.37, Pay 240.98, Bal 20453.36, Paid 35627.43+14200.64 2003-05-31 Int 105.68, Pay 240.98, Bal 20318.06, Paid 35733.11+14335.94 2003-06-30 Int 104.98, Pay 240.98, Bal 20182.05, Paid 35838.08+14471.95 2003-07-31 Int 104.27, Pay 240.98, Bal 20045.34, Paid 35942.36+14608.66 2003-08-31 Int 103.57, Pay 240.98, Bal 19907.92, Paid 36045.93+14746.08 2003-09-17 Accruing 58.29 From 2003-09-18 to 2003-12-31 interest 3.74%, tax relief 0% 2003-09-30 Int 85.17, Pay 240.98, Bal 19752.11, Paid 36131.10+14901.89 2003-10-31 Int 61.56, Pay 240.98, Bal 19572.69, Paid 36192.66+15081.31 2003-11-30 Int 61.00, Pay 240.98, Bal 19392.71, Paid 36253.66+15261.29 2003-12-31 Int 60.44, Pay 240.98, Bal 19212.17, Paid 36314.10+15441.83

xx

Reply to
Ronald Raygun

Thank you very much, that was most kind of you. I suppose it's reassuring to know the figures are correct (near enough). I will now have to accept that the repayments, after paying off the lump sum and converting the rest to a repayment mortgage will cost me more in outgoings. At least in 9 years I can be certain it will be paid off.

Thanks again for you time & effort.

Reply to
yvonne

"Specialist software" would have reduced it somewhat.

Reply to
Rhoy the Bhoy

Point is, specialist software is NBU if you ain't got it, and as Yvonne said, none of the IFAs she asked had it, which is unfortunate given that they are supposed to be specialists.

In the event, I just wrote the specialist software from scratch. It was a bit fiddly dealing with the dates and stuff, and if I had merely resurrected the MIRAS code and done the rest by hand, I'd have got the result rather sooner.

Reply to
Ronald Raygun

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