Author Topic: Mortgage for £21 and Interest at 5 P[er]cent  (Read 509 times)

Offline Wayne N

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Mortgage for £21 and Interest at 5 P[er]cent
« on: Saturday 06 July 24 12:11 BST (UK) »
What are the two highlighted words in red in the attached 1792 (6-month) indenture snippets?

I had a go at transcribing the attached calculations but were written quite small and difficult to read.
The first part seems to read: Rec[eived] a years Int[erset]
The second part I'm not entirely sure... Maybe m[onths] P[aymen]t off Pr[ricipal]
Also, the date 18 Nov 179(?) is hard to make out

The reason the attachments are different colours/tones is they were adjusted to make the text more clear

Here is what I have so far:

Witnesseth that, for, and in conversation of the Sum,Twenty one pounds of lawful money of Great  Britain, to the said John Norton, in Hand, at, or before the Sealing and Delivery of these present, well and truly paid by the said John Fagg the ?___?whereof the said John Norton, both hereby acknowledge, and thereof, and of every part thereof, both acquit, release and discharge the said John Fagg, his Heirs, Executors and Administrators, and every of them, for ever by these presents. He the said John Norton, Hath granted, bargained, sold and demised. And by these, presents, Both grant, bargain, sell and demise unto the said John Fagg, his Executors, Administrators and Assigns.


Received the Day and year first within written, of and from the within named John Fagg the Sum of Twenty one pounds being the consideration, Money within mentioned to be paid by him to ?___?


17 Nov 1793               Rec~ a years Int.   ______ £1 . 1s
                                         & m Pt of Pr   ______ £3 .
18 Nov 179[?]             Rec~ a years Int.   ______      . 18s
                                         & m Pt of Pr   ______ £3 .
NORTON (Kent), KEECH (Dorset), MOOR / MOORE (Kent), HOCKING (Dorset / Somerset), LEVI (City of York), SANDWELL (Kent), CHAFFIN  (Dorset / Somerset), STRONG (Dorset)

Online Zefiro

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Re: Mortgage for £21 and Interest at 5 P[er]cent
« Reply #1 on: Saturday 06 July 24 12:13 BST (UK) »
Money within mentioned to be paid by him to Me

Offline Wayne N

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Re: Mortgage for £21 and Interest at 5 P[er]cent
« Reply #2 on: Saturday 06 July 24 12:31 BST (UK) »
Thankyou Zefiro  :)
NORTON (Kent), KEECH (Dorset), MOOR / MOORE (Kent), HOCKING (Dorset / Somerset), LEVI (City of York), SANDWELL (Kent), CHAFFIN  (Dorset / Somerset), STRONG (Dorset)

Offline Wayne N

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Re: Mortgage for £21 and Interest at 5 P[er]cent
« Reply #3 on: Saturday 06 July 24 13:14 BST (UK) »
Could the smudged word be Receipt?
well and truly paid by the said John Fagg the Receipt whereof the said...
NORTON (Kent), KEECH (Dorset), MOOR / MOORE (Kent), HOCKING (Dorset / Somerset), LEVI (City of York), SANDWELL (Kent), CHAFFIN  (Dorset / Somerset), STRONG (Dorset)


Offline arthurk

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Re: Mortgage for £21 and Interest at 5 P[er]cent
« Reply #4 on: Saturday 06 July 24 13:34 BST (UK) »
I agree with Receipt and Me, and I think you're on the right lines with the writing in the actual account. I'm seeing it as Rec(eive)d a Year's Int(erest), and & in Pay(men)t of Pr(incipal).

If the mortgage was at 5%, then reducing the principal by £3 would reduce the interest payment by 3 shillings, which it has done. That would probably mean the second date was about a year after the first; it doesn't look much like 1794, but it doesn't really look like anything else either.

(I think this relies on the assumption that it was simple interest, but I'm not an expert in finance and interest calculations.)

Offline Wayne N

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Re: Mortgage for £21 and Interest at 5 P[er]cent
« Reply #5 on: Saturday 06 July 24 13:44 BST (UK) »
Thank you Arthur.  :)

Rec(eive)d a Year's Int(erest), and & in Pay(men)t of Pr(incipal) is much better

And also confirming the 5% reducing the principal by £3
NORTON (Kent), KEECH (Dorset), MOOR / MOORE (Kent), HOCKING (Dorset / Somerset), LEVI (City of York), SANDWELL (Kent), CHAFFIN  (Dorset / Somerset), STRONG (Dorset)