Hi, I was wondering if somebody could help me understand a circumstance as to why I may have been charged more interest on my mortgage this month than last month.
I'm with Ulster Bank and have my mortgage split across two sub accounts. One is fixed at 2.6% for 4 years. The other I changed last month from 3.35% to 2.3% for two years. I went from a payment of €1391 to €1301 per month & I'll be working to bring that down further by overpaying each month. Last month I overpaid by €300.
Despite this, I have been charged €88 more this month in interest. Considering the over payment and the drop in interest rate and the general way compound interest works, I can't get my head around what would have led to this? I will be contacting UB but I was wondering if anyone here can shed some light.
I can't find an email address for them, if anyone has one, I'd appreciate that too - I'd prefer to keep a paper trail as I've had other issues around them continuously taking my over payment from the lower interest sub account even though I've specified the higher one.
Thanks in advance.