[tadka]

don’t know anything about hoses but this googled up, the only question is if it can take the heat

http://www.waterirrigation.co.uk/tricoflex-hose-pipe-30mm-x-25m.html

[tadka]

We are just pawns in a big money game. I wonder how long before our current interest rate starts going up again.

[tadka]

That’s a lot of big words  🙂

So you only paid interest and then what happens at the end? You have a house that was lets say was £50k but now is worth £200k? So you sell the house give £50k to the bank and keep the rest? Sounds too good, I guess it’s not quite that simple? And how long ago was that?

[tadka]

Dave Rice wrote:

At the start your loan is say £50k and you pay the interest on £50k plus a bit to reduce the loan. So the next month you owe the interest on say £49.9k so the interest payment is less. If you keep the payment the same a bit more goes into reducing the loan again. So say the next month you now owe say £49.75k, so that’s less interest and more off the loan. And so it goes on until the situation is reversed and more of your payment goes to reducing the loan than paying the interest.

Finally I wrapped my brain around it  :yahoo:  but now I have to go and google “endowment” as I have no idea what that is.

Did some very crude maths and if the interest rate was to stay low, as it is now, the total amount I would be paying the bank is about £125,000. That’s about  £33,000 in interest. If in 23 years time this forum is still here it will be interesting to see if I met my target.

[tadka]

Thx will give it a try. I guess at the end of the day the aim is to have the repayments as low as possible and try to overpay as much as possible. But I find it frustrating not being able to see in advance how much of my repayments are going to be interest interest. Though I suppose it is possible to wok it out. Will look at that calculator now  :good:

[tadka]

Spedley wrote:

By remortgage do you mean ‘take a new mortgage deal’? I’ve just signed up to a 10 year fixed rate because my previous mortgage has ended and I would be put onto the standard, higher rate. I don’t have a new mortgage but just a new fixed term agreement on how I will pay it so the rates are lower than the standard rates. Everything else stays the same. If so then you will probably pay less money each month but you are just paying less interest and not affecting the repayment of the loan.

That’s what I meant. I will be getting a new fixed rate deal for another 2 or 5 or 10 years without extending the mortgage repayment period.

I never really did the maths on this and just kind of assumed that my borrowed amount would be divided into 300 chunks (25 years times 12 months) and each moth I would pay one chunk plus interest. So £91,400 divided by 300 is £304. I thought that would be the amount I pay off my mortgage every months. And plus the interest on top. So the lower the LTV the lower the interest. So I thought every month I would be paying back £304 plus the interest which would be going down as the amount owed would be less every year. Of course it would go up if the interest rate went up.

But it doesn’t seem to be the case. I looked at the monthly interest payments again and they appear to be totally random numbers. At first I thought it was going down but it is not.  Monthly interest charge has remained more or less the same with slight variation ranging from £348 to £330 and totalling £4,077.47 for the year. That’s £339.79 monthly average. That is 67% of my £507.51 monthly repayment. And only £167.72 was the monthly deduction off the amount owed. And at this point I am totally lost…

My interest rate is 4.49% so that’s £4,104 for year. They charged me £4,077 which is close enough. So that will go down as the amount owed goes down. But how do they work out how much is my total monthly payment? Why £507.51 and not another number? I give up…

[tadka]

Richard wrote:

Many people do not understand the way a mortgage works and it can appear daunting to try to find out.

You are not wrong there… I tried looking into how banks calculate their repayments and the only answer I could find was “it’s very complicated”… And that was from people who on MSE forum… I have to give it another try.

[tadka]

Dave Rice wrote:

If you keep the term the same you’ll have only 23 years to pay off the amount so the monthly payments would need to be bigger.  

That seems logical. But then wouldn’t that make remortgaging counter… productive? I thought the whole idea of remortgaging was to bring the repayment amount down. My repayments at the moment are £507 a month. But when I remortgage with my current bank it will be £425. And there are lots of banks on Money Saving Expert website mortgage finder that would be £400, even with £0 set up fees. Of course it is not guaranteed they would approve a mortgage on my property. I was under the impression that my mortgage repayments will just keep going down every time I remortgage. Does that mean that the only reason my repayments are going down is because I was a first time buyer with just a 5% downpayment and if I keep remortgaging they will start going up?

[tadka]

God this is doing my head in  🙂

If there was no remortgage I understand that the repayments would remain the same but the interest deduction would grow smaller every month while the actual mortgage deduction would grow bigger.

But if I remortgage every 2 years does that not basically put me back to square one every two years only with a lesser amount? Total monthly repayments being less (hopefully) due to a lesser amount owed and smaller mortgage interest % (hopefully) due to better LTV but 3/4 of the monthly repayment still being interest and only 1/4 of it being the actual repayment.

There has to be something here I am missing   :scratch:

[tadka]

I had the same monitor for years and recently bought LG 29UC97C-B – 29″ Full HD LED ULTRAWIDE Curved Monitor 2560 x 1080. I am so pleased with it. I don’t know much about monitors and which ones are good and which are not but a monitor that is curved and ultra wide is just awesome. For gaming and everything else. I will never go back to a monitor that is flat and not ultra wide.

[tadka]

Fount the Notepad++ location. Agent Ransack looks like a nice little program. Notepad++ is one those programs that you run without installing. I must have added it quick start by mistake. I’ve been learning about a car diagnostic program and my /D: drive is full of all sorts of files and folders that I am experimenting with.

[tadka]

Thx, will try it now. Never had to use the search since “upgrading” to win10 but have to say Cortana interface looks just awful. And it doesn’t seem to do anything useful.

[tadka]

Another thing that has noticeably improved is The Dukes spelling   :yahoo:

[tadka]

Hi Les,

I’m getting something called INPA/NCS. Will be buying an OBD cable from eBay and it’s supposed to come with the software on a CD.  It’s all new to me, just watched some videos on YouTube. Thanks for the offer but I found some XP on eBay. For some reason when I do a search for it Win 10, 8 and 7 come top of the list, that’s why I assumed there was no XP for sale. I just had to scroll down a bit  🙂 It’s only £10 and looks legit so I’ll buy it from them.

But thanks again for trying to help   :good:

[tadka]

Just realised there is a classifieds section on this site. I should probably have posted this there. Not been on here since the MM forum closed…

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