Fixed rate mthly mortgage total on statement different to what we agreed

S

seriams

Registered User
Messages
189
Hello all,

We got our bank statement recently and it says that 756.13 is being taken out for our mortgage mthly when it should be 755.18. I know its only small and id doesn't seem to bother my partner but from where I stand, we agreed the latter. Is there some extra charge that I'm not taking into consideration.
All views welcome
Thanks in advance
 
seriams said:
We got our bank statement recently and it says that 756.13 is being taken out for our mortgage mthly when it should be 755.18.
Click to expand...
How do you know that it should be €755.18?
What do you mean that you agreed a particular repayment rather than agreeing a mortgage rate, term, amount etc.?
Is this a fixed or variable rate mortgage?
Is the amount just for mortgage repayment or also for other stuff like mortgage protection life assurance, mortgage repayment protection insurance etc.?
Have you factored in mortgage interest relief?
Have you queried the figures with your lender?
 
It might be due to the draw-down date being earlier within the month than assumed under the original quote.

For example, a bank might require all mortgage payments at the end of a month. If you draw-down at the start of the month, you owe slightly more interest as you have use of the money for almost an extra month, compared to someone who draws down at the end of the month, just before their first repayment.
 
You must log in or register to reply here.
Back
Top