Hi
Thanks for the replies. To be brutally honest, I'm not sure what it says because we haven't been sent one statement yet (!) but I've requested it and once i find out, i'll let you know - sorry for the vagueness of the query. I don't mean so much the info that you get at the beginning, but the statements that you are supposed to get on an annual or quarterly basis on the status of the mortgage (we'd prefer more regular statements than every year, tbh).
But based onconversations with office colleagues and friends who are also newish mortgage holders, the lack of regular info seems a common complaint, exacerbated the difficult of extracting useful info from your lender. We did write to them regarding overpayments and that worked ok.
You both might be right in the sense that the statements you get would give enough info to keep you happy but I was kind of wondering if the same sentiment that exists among my colleagues and friends about mortgage updates would be replicated here.
I was noted this comment from a SBP article a few months ago:
[FONT="]Mortgages are the biggest financial commitment for most people particularly in light of today's rising house prices. However, people often don't read or understand the fine detail in their mortgage statements. “The standard annual mortgage statements of some institutions are presented in a way that doesn't make it easy to check the mortgage interest,” said Minchin.[/FONT][FONT="]
“Some statements may only show debits and credits to the account as amalgamated figures.”
According to Minchin, customers should ask mortgage providers to provide them with a revised statement showing all the account transactions on a daily basis, so that the interest can be checked accurately.
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