thanks for response. yes the interest is calculated daily. i made a payment and the balance then rose... something to do with the way interest is calculated im sure - but i just dont get it (awaiting response from them)

cheers

Mortgage companies should send out an annual statement showing how the balance has been calculated over a period of 12 months. If you have received contradictory information from your lender, you should contact them to clarify things, but I would expect that, if things are being calculated on a daily basis, the balance on the day before a payment will be more than the balance on the day after a payment.

hi

Appreciate this might be a basic question...

A few days ago the amount owed on my mortgage was below £60k, and now it is over £60k. it is going up... This might be something to do with the date the interest is charged? Can anyone please explain to me the reason for the rise?

Thanks