Help with ICB Report Information on Mortgage

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joeblo

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I requested my ICB report in the last week just to see what's on it.

All is Ok except for one thing and it is to do with my Mortgage, maybe somebody can explain before I approach BOI about it.

I took out a 25 year mortgage in Sept 2001 for €145,841, my ICB report dated last week says I owe €120,779 as of 31 May 2013. With various interest rates over the last 12 years, I estimate I have paid approx €86,000 to date in repayments.

What worries me is that the ICB report says the scheduled removal date is Nov 2041. That works out at 40 years ?? (term is stated as 422 months). 25 years was the maximum term available in 2001 when I got my mortgage.

Is this something I should be worried about or is this date not reflective of the completion date. There is an old car loan completed in 2010 which is still on my ICB report and it has a completion date of 10 years (2015 showing) even though it states the term is 60 months from 2005.

I have a 1.55% (not a typo, 1.55) BOI tracker "currently" and it is in order.

Any help would be appreciated and just in case anyone asks; I don't have my hands on my mortgage agreement.
 
I don't think you have anything to worry about these. As far as a potential creditor is concerned you have a perfect credit rating.

Is the "removal date" different from the date the mortgage ends. Maybe that is the date it leaves the ICB. Though even if it is, it should not be 15 years after you pay off the mortgage.

Best bet is to ring ICB or check their website to see if these terms are explained. If the information is wrong, BoI must correct it.
 
Thanks Brendan, it actually states the end date of the mortgage is 2041, (completion date) which is wrong as that would make it a 40 year mortgage. I would be worried that it looks like I rescheduled/restructured my mortgage as any bank looking at it would know 25 year mortgages were the max in 2001 when it started.

Also, does anyone think the current balance, etc look correct. It does not look consistent with Brendan's 100k mortgage example of payments over 20 years. Should my current balance be lower after 12 years of payments on a 25 year mortgage ?
 
joeblo said:
Also, does anyone think the current balance, etc look correct. It does not look consistent with Brendan's 100k mortgage example of payments over 20 years. Should my current balance be lower after 12 years of payments on a 25 year mortgage ?
Click to expand...

You can't really apply my example to this.

You need to go back and look at the annual statements.

Were you charged the correct interest?
Did they account for all the repayments you made?

Mortgage statements can be a bit confusing, but if you work through them you should be able to figure it out.

Brendan
 
OK, I have an update on this situation and it gets more interesting by the day, I still haven't tipped of the bank that I am looking at it although they may have twigged.

I requested an up to date statement 2 weeks ago and a confirmation of how many years left, a very simple letter. Ironically their statements don't ever show how long is left.

Today, I get a letter thanking me for my request to amend my mortgage and a confirmation that it has been amended plus an up to date statement will follow in the post. It shows I owe €119k remaining BUT NOW, it's down to 35 year mortgage. I made no such request to the bank for any amendment as they claim in their letter. This letter was a personalised letter from a stated manager.

I dived into my BOI file to find my mortgage contract and am still looking as I can't lay my hand on it just yet but I did come across the loan certificate.

Can anyone do some back of the envelope calculations for me to see if these numbers look strange.

Drawdown: €146,000 on the Sep 15, 2001. (stated Int. rate @5.640%), which was a tracker, currently according to new statement I am on tracker since May @1.8% which is strange because my last interest change letter is 1.55%.

Current balance is €119,790.

Am I a pawn in the banks trying to con the central bank ??.
Something stinks.
 
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