Mortgage Figures don't seem to add up

P

paulocon

Registered User
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213
Hi,

For the last number of months, I've been keeping track of my mortgage using Banking Online. It only gives me the current outsanding balance and I've been trying to make sense of it. It's a variable rate mortgage with BOI.

Does anyone know when the interest is applied. Is it quarterly/monthly? The outstanding amount seemed to stay the same for a couple of months then only was reduced by less than one monthly payment after the third month.

e.g. Starting outstanding balance = 50k
Month 1 - Payment of 500 euro
Month 2 - Payment of 500 euro
Month 3 - Payment of 500 euro
Balance after Month 3 payment = 49.5k

I can undestand that interest will account for most of the payments but I would have thought I'd see the balance reduced after each monthly payment.
 
Why does the banking online only show the current outstanding balance? For years I had no online access to my mortgage account (AIB)- I was led to believe it was not possible to have it showing with my online accounts, until one day a number of calls from me asking questions prompted a staff member to mention to me that I could have all this info viewable on my online banking. Can you ask BOI to show more detail on the online banking? And if not, ask then for a statement of the account going back over the previous year showing all transactions.
 
Paul

The easiest thing to do is to ask them for a statement. You should be able to verify all the figures from this.

Brendan
 
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