mortgage statement error

transam

just got my mortgage statement and i was just looking at it and something wasnt right , in month of june mortgage was paid as always and the next payment for july came out as always and it shows that i own more than last month(june) by 70 euro , i know its not much but still , im on a tracker with ptsb , i rang them first thing but thay couldnt explain whats wrong so they are going to ring me back soon, i never missed a payment and im not on intrest only btw , it must be a error of some sort , did any one had similar thing ?? goes to show check your statements people

Daisy M

Its not interest applied between jun and july payments?

transam

in my opinion and im no expert every month i pay my mortgage i should owe less to the bank , my payment is made up of interest and a bit off the capital too , unless i got it all wrong .....

homer911

I hope you would owe less and own more!

Daisy M

Interest is applied on a monthly basis on my acc but it may be less frequent on yours. If interest is applied you should be able to see that on your statement.

transam

the interest is applied monthly on my acc too , it was about a half of my payment in those months and for some reason the loan balance inceased by 70quid ...

hadook

Could it have been something like your TRS amount changing?

We're on a tracker and it's been up and down like a yoyo this year between rate changes and reaching the 7 year anniversary of buying the house.

transam

TRS did not change , i rang the revenue to check . its a mystery ....

rainbowtrout

transam wrote: »

just got my mortgage statement and i was just looking at it and something wasnt right , in month of june mortgage was paid as always and the next payment for july came out as always and it shows that i own more than last month(june) by 70 euro , i know its not much but still , im on a tracker with ptsb , i rang them first thing but thay couldnt explain whats wrong so they are going to ring me back soon, i never missed a payment and im not on intrest only btw , it must be a error of some sort , did any one had similar thing ?? goes to show check your statements people

The ECB rate went up last July. If you're on a tracker, your interest rate would have also risen as it's tracks this rate,so you would be paying more interest.

ronan45

Ok I am totally lost here with my mortgage. I took it out in 2005 and I noticed I seem to constantly owe the same amount back each year???? Is that possible???
My year end 2011 statement shows that each year at the end of the year they put on their interest which is correct but should my bottom line still be the same as it was in 2005 06 07 etc

From December 2005 to December 2011 i have only paid back a few hundread euro?
You are probably sniggering at my ignorance I am going to assume the 15K odd that is charged each december is interest? Seven years on and my mortgage statement reads the same amount owed as in year 1?:eek::o
Oh BTW I did miss about 12 repayments spread over about 4 years so i guess this has a bearing on it?

Pythia

ronan45 wrote: »

Ok I am totally lost here with my mortgage. I took it out in 2005 and I noticed I seem to constantly owe the same amount back each year???? Is that possible???
My year end 2011 statement shows that each year at the end of the year they put on their interest which is correct but should my bottom line still be the same as it was in 2005 06 07 etc

From December 2005 to December 2011 i have only paid back a few hundread euro?
You are probably sniggering at my ignorance I am going to assume the 15K odd that is charged each december is interest? Seven years on and my mortgage statement reads the same amount owed as in year 1?:eek::o
Oh BTW I did miss about 12 repayments spread over about 4 years so i guess this has a bearing on it?

Sounds like you are interest only, ring your bank.

dotsman

Pythia wrote: »

Sounds like you are interest only, ring your bank.

My guess is that this would have a lot more to do with it...

ronan45 wrote: »

Oh BTW I did miss about 12 repayments spread over about 4 years so i guess this has a bearing on it?

Both the interest and the surcharge interest on those missed payments would add up to quite a large amount of arrears, possibly matching the amount of capital you have repaid, as in the first few years of the mortgage very little of your repayments is coming off the capital.

I would go in and speak to an advisor in your bank immediately and find out for certain as you could still be paying surcharge interest on those missed repayments. If it looks like you will miss payments further into the future I would talk to someone in MABS as a matter of urgency.

ronan45

If you want an independent person to look through your statments to make sure everything is ok would you bring it to a financial advisor? Ill ring the bank Monday morning, looks like im threading water with this mortgage. They never advised me to the effect I would be charged interest on missed mortgages.
thanks for replies:)

ronan45

dotsman wrote: »

My guess is that this would have a lot more to do with it...

Both the interest and the surcharge interest on those missed payments would add up to quite a large amount of arrears, possibly matching the amount of capital you have repaid, as in the first few years of the mortgage very little of your repayments is coming off the capital.

I would go in and speak to an advisor in your bank immediately and find out for certain as you could still be paying surcharge interest on those missed repayments. If it looks like you will miss payments further into the future I would talk to someone in MABS as a matter of urgency.

Looks like your on the ball with that one dotsman, i read the small print on their website. Ive been paying this for years and I didnt know.

Fees
At Ulster Bank, we do not apply penalty interest fees or sur-charges in relation to mortgage arrears. However, we will continue to charge interest on your outstanding mortgage account balance, including any missed mortgage
repayments.