interest on a tracker mortgage

W

walzt

Guest
I have a tracker mortgage of 100,000 started drawing it down in 2006. Since then as the interest rates have gone up and down my montly payment has fluctuated. This I always thought was the way mortgages worked. Every quarter more interest is added on to the princible or on how much I owe the bank.Last December say after payiny the montly installment I owed the bank €86 more than November Is this the common policy of the bank that every month you pay some of your princible and interest and you pay interest every quarter as well.
 
Thanks for reply Towger. Firstly excuse my ignorance on these matter but on a mortgage such as a tracker you pay some of the princible and some interest monthly but every quarter you pay extra interest. I thought the bank was charging me double or I did not tick some box along the way.
 
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