I have a 25 year tracker mortgage with 10 years left to it. Is there a calculator or app that I can use to check if the bank has been calculating my repayments correctly. Advice on how to do this on an excel spreadsheet is greatly appreciated too. Thanks.
The two most important checks are
1) Have they applied the correct tracker rate?
2) Are they charging the interest correctly.
If they get this right, the other stuff is not important.
So if your balance is €200,000 and the tracker margin is 0.6% , then the annual interest should be around €1,200.
The monthly interest should be around €100 and the quarterly interest should be around €300.
The repayment is less relevant. Let's say that they have inputted the wrong end date. Then you will be paying too much but that is not too important as you will just pay off the mortgage earlier than you were scheduled to do.
If they are charging you 1% instead of .6% , then you will be paying too much and won't recover it.
Calculating the repayment is difficult. It was calculated at the last event - e.g. the last time interest rates changed or if you made a lump sum payment. And you need the exact number of months.