Your payments are based on the interest rates + your track rate - your payments vary from month to month depending on the boe rate - that is why your payments vary not everyone is in a position to overpay on their mortgage that's why people take that gamble and are ok with their payments going up/down potentially on a monthly basis

you can over pay so £70 comes out thats def advisable for those who are in that position

Hope it helps

Hi

Probably reduced due to the low rate of interest and the remaining term of the mortgage.

If you can afford to pay more per month, this would be the best option to repay the capital as quickly as possible. If you give them a call, they will set the monthly repayment at the level you require. You will just pay the mortgage off quicker as you will be repaying more capital than interest.

Better to do this, than wait until interest rates rise, when you will end up paying more.

Huckster

Hi,

Please excuse my lack of knowledge when it comes to mortgages but I did think I understood how a tracker worked.

Basically I took out a smallish tracker 2 years ago for £10,000. I've been paying £70.47 a month ever since.

When the base rate was higher part of the £70.47 was paid off from the total and the rest interest?

In the first year only £200 odd quid frm £700 odd paid was actually paid off the total. Last year with the base rate rock bottom nearly all the money we paid came of the total and the interest they got was virtually nothing.

So why is it then, that my Direct Debit without warning has been dropped down to £47 this month?

I'm confused as I would have thought paying the £70 odd would be more benificial at the moment i.e. more off the total when the base rate is low?

Anyone got any idea?

Thanks in advance.