Ulster Bank Interest Calculations ?

All,

Can anyone advise me how Ulster Bank calculate
the mortgage interest on a variable rate mortgage ?

I have been trying to match calculations on a spreadsheet
against my annual statement, and no matter how I do the numbers on the spreadsheet I am never exactly the same
as the interest amout shown on the stmt.

Any detailed help much appreciated.

Tom

Have you tried using Karl Jeacle's mortgage calculator to see what sort of figures it comes out with? One thing to note is that lenders calculate interest daily, monthly or annually (I suspect that UB do it daily) while some calculators/forumlae may assume monthly calculation of interest. This can lead to discrepancies in the figures. How far out are your calculations and in what direction? Presumably you're separating out mortgage only repayments from other related payments (e.g. mortgage protection life assurance etc.)? Perhaps if you post some hard figures somebody here can give them the once over?

Thx for the reply Clubman,

My figures are very close, current stmt has 4050 interest
for the year. I am coming up with 4007. Its that difference
that is getting to me !!!
If UB can do the calcs then why not me ? !!!

Other items such as insurance, protection, etc are seperate
the stmt contains only mortgage related payments only.

BTW, the above numbers arise from assuming a daily
interest calc. My stmt shows interest added on at the
end of the year with TRS also shown (as a credit).

Its that 43 euro diff in the calcs thats getting to me !!!

Can file attachments be posted to this group as I would
be very happy to post an excel spreadsheet containing
all figures on my 2004 statement

Thanks again
Tom

i suppose that spreadsheet spoken about above never became available. i would like to create one or get help in creating one.

I feel that if someone could easily see the effects of increasing/decreasing retaes/terms for different types of mortgages it would be beneficial.

On a side note, how did you get a statement from UB re mortgage interest? Do they send one each year or do you need to request it?

You should get an annual statement.