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?
*no missed payments or holidays
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?
*no missed payments or holidays