Mortgage Statement

A

ari30

Guest
Hi, I would really appreciate if someone could shed some light on my mortgage. I can view the balance only everytime I ope banking 365. Last week the balance on my 35 year, 240000 mortgage (32.5 years remaining) was 231000. Today it is just over 234000 even though big drop in interest repayments. Please can someone explain this to me?
Thanks
 
This has happened to me before too....ask them to print out an interest statement (this is different to your normal mortgage statement), as this shows how the interest is calculated, over which periods of time, etc. etc. and it might be clearer then? Also then it gives you more information when you query this amount?
 
I know AIB normally add interest on a 3-monthly basis.

So when I look at my statement, the monthly mortgage payments cause a reduction in the outstanding principal each month and then there is a jump every 3 months when the interest is added
 
dubrov..unfortunately it is not as simple as that. I am also with AIB (ECB tracker mortgage) and I was astounded to see how often interest is calculated and the strange time periods involved - which appeared all quite random until I hounded them for an explanation, which they did provide through one of their accountants. Ask for the interest statement...that is the only way to know. They definitely do not go on a neat 3 months...check it out.
 
Ari30,
I'm with BOI for my mortgage and they calculate interest daily on my mortgage, and then add it onto the balance every 3 months. If you can get into a branch and ask for a statement of your mortgage account, then you should see that the interest was added recently.
 
I haven't got a mortgage statement for a few months now.
Thinking of writing to them to get their finger out.
 
I think they usually send statements annually on mortgage accounts.

I was hoping new 365 would show transactions on mortgage accounts and savings accounts - maybe this will be rolled out in the next version.
 
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