Much to my surprise I've received a letter from Ulster Bank with a refund cheque. Has any other poster had this experience. My 'mortgage' is unusual. It's actually a type of loan to purchase an investment property. I went looking for a mortgage and the bank decided to do it this way as it was much easier they told me than my having a normal investment mortgage. How it works is they loan me the money. Let's say 100K. And I pay a 'margin' plus the prevailing interest rate (called cost of funds). It's cheaper than normal investment mortgages. In the early years they sent me an annual statement, and this showed the 100K, and it reducing with capital and interest as though it were a normal bank account overdraft. With a fluctuation in interest rate every two weeks. I also was able to 'fix' the rate, which I'm now on currently. Then they didn't send me that overdraft type bank statement. Nothing for a year or two. But more recently (due to some new banking rule I believe) they just sent me a one page document with the amount owing at the beginning of the year, the monthly repayment and balance left.
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