I have a question over my mortgage. This may be stupid but sure its worth asking about.
I recently got my mortage set up on my AIB internet banking so I can closely see each monthly repayment hitting the mortgage account and see the principal amount reduce.
I am into the 3rd year of my mortage now. It is now at 5.1% Variable. the first year I made full prinicple and interest repayments and the second year I went interest only. Since June I am now back to full repayments.
While looking at the transactions on my internet banking I notice that interest has not been added to the mortgage balance since I went back to full repayments in June.
When I was on interest only, the internet banking would show my monthly repayment as a credit, and then the interest charged as a debit each month.
Now though since June, my full repayment shows as a credit and comes off the balance. Will interest be shown as a debit each quarter now or something?
My property is for sale at the moment. Does that mean when I go to clear my mortgage upon the sale, I will just have to pay the balance as shown on the internet banking?