# interest on a tracker mortgage



## walzt (15 Jan 2010)

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.


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## Towger (15 Jan 2010)

Yes. Except the interest is calculated daily and added on each quarter.


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## walzt (15 Jan 2010)

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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