I am midway through a ECB1.5% 30-years UB tracker for a EUR150k house (purchase price = current value).
After many recession-era problems* things have stabilised, to the extent that an agent is doing a good job and I need not worry about it. However the monthly repayments circa EUR550 (interest around EUR80per month) really don't seem to be making a dent in the outstanding balance according to the UB app.
It can take many months for the outstanding balance to drop by a EUR1,000 - I would expect a EUR1k drop every 2-3 months. What am I doing wrong? Are UB doing their calcualtions correctly?
I have a tracker with UB and the apps shows my outstanding balance dropping on a monthly basis with just 2 transactions a month posting, the interest and the repayment amount.
As always, comments, corrections and suggestions for layout very welcome - Brendan There have been a few questions on askaboutmoney which have been very difficult to answer without explaining the background to mortgage calculations. For example: Bank of Scotland offer to write off my...
I suspect that you are looking at the arrears balance which is a meaningless figure and probably would not come down as quickly as the actual mortgage balance.