Mortgage balance higher than expected

S

SteelBlue05

Guest
I have been paying off a mortgage since May 2005. I was using the jeacle calculator to see where by balance would be by 2006, 2007 etc.

Using the calculator there it says my balance should be about 3k less than it currently is (and I was running the calculator with a 5% interest rate which is way higher than the average that I have paid since May 2005).

Looking at my statements online the bank is charging me quaterly interest. E.g. I pay 1k repayment a month and pay 2k interest each quater (figures are approximate).

Why is that? It is a tracker mortgage. I thought the only interest I pay would be part of the monthly repayment.
 
I obviously cannot read, I had the calculator set to year 2007 so was reading the figures for next year.

Still though, is that quarterly interest charged the norm?
 
I think that interest is calculated on a daily basis but charged to the account quarterly. Not sure though.
 
sounds like a Irish Nationwide mortgage - they are renowned for playing games with interest - such as calculating interest for a quarter and applying based on the start of the quarter, irrespective of any amounts you pay during the quarter.

Not sure if they still sell these mortgages due to the level of bad publicity in the past.
 
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