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R

ragdublin

Guest
hello everybody,
I have recently moved to mortgate provider and requested my old mortgage bank to provide me statement up untill closing date. they have given me a statement for 2008 . I have looked a the begining balance (eur 210,599.00) and the end balance (209899.92). it is really strange that the
prinicipal reduced to only 699.08 which is really weird figure. though i have paid an amoun to 1379 every month. the problem here is that i DD set up 4th (1st week )of everymonth and some of the payment were returned due to insufficient funds. so i paid teh installement during the (4th week ). this has happened for 3 or four months and i paid each installment during the last week of the that month and so on.
can you pl clarify whether it is correct in the bank perspective.



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Based on the information you have supplied and an assumed interest rate of 5.5% I take it you have about 22 years outstanding on your mortgage ? Any way ,in 8 months time the outstanding balance should have roughly gone down to 207,250. You can check this yourself on http://jeacle.ie/mortgage/ie/ with the input of the various variables. Does the statement not outline how much money you have deposited and how much money they have added as interest ? I obviously assume there are no arrears at the moment ?
 
thank you harry for your answer i will be more clear in the new post thank y
 
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