Categories: uncategorized
Date: 20 December 2004 07:39:32
No, don't answer that!
There are lots of things I can do if I put my mind to them. I can understand a lot of things. I am not lacking in intelligence or common sense. Well, I don't think I am, anyway. I am not totally incompetant. BUT...
I just don't "get" mortgages!
I am trying to change my mortgage to a cheaper one, but I discover I just simply cannot understand how my current mortgage is made up or how it works. My concept of how it should be is fairly simple, but the whole business is too complicated for me to get my head round... and there's nobody I know who can explain it. The mortgage advisor explained it several times in words of one syllable for me, ever so patient with this Special Needs pupil, but after two hours I decided I really ought to let her go home for her tea.
So come on, in simple sentences, how do mortgages work? Because I would seem to have a mortgage which seems to be considerably bigger than I would have thought it ought to be. Should the redemption cost of my repayment mortgage and the death benefit of my endowment mortgage really add up to about £25,000 more than I paid for the bungalow (including negative equity) ? Anyone got a brick wall I can borrow for my head?