Nothing has been paid off loan in three years

[Tingatingatale]

Me and exh are getting a divorce so we are selling our houses and paying off a loan secured on the house. I have just phoned up to get a redemption figure. The loan figure is £50 less than it started three years ago. We have paid £370 a month for three years.

I am gutted. How is this possible

Many loans load most of the interest on the early payments, so you pay that off first & only start reducing the balance after that.

Sounds like the interest was front loaded. That sounds pretty bad. Who is it with? If you don't want to put it on here PM me. I'm a mortgage adviser by trade so might be able to point you in the right direction if anything can be done.

Thank you I will pm you

I can't seem to pm on my phone. It is together finance who used to be blemain

If its a repayment mortgage that is entirely possible.
On the spreadsheets thread is a mortgage calculator sheet.
Put the numbers in for your loan (rate, amount, start date) and scroll across to the right to look at the numbers on a repayment loan ...

How long is the term of the loan?

(Just to say the site are having trouble with PMs, but hoping to sort it out on Monday )

Yes the interest is front loaded, but surely not to that extent! £50 of capital in 3 years doesn't make sense.

Are there penalties for early repayment which have wiped out the capital payments?
Or has your H taken out more on the loan without your knowledge?

Have you got the statements? Go through them all to see what has gone wrong

Blemain. Blimey.

I think you should pm me interest rateso, etc.

Is it a fixed rate secured loan for a set time? If so you'll have an Erc if you're still in the fixed rate which might explain it but if you want I can pm you my email when the system is working and you can photo the paperwork to me so I can tell you for sure.

Thank you for all your replies.

H definitely didn't borrow any extra money and there are no penalties that I know of. The term was 25 years

We were recommended them by a IFA as my credit is bad

I will get on the laptop later and Pm you. All paperwork is in matrimonial home and exh will not let me anywhere near there. I have asked for a redemption figure by post though so hoping it will be on there