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Mortgage Interest Charges

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  • 22-09-2014 10:14am
    #1
    Troy2013
    Registered Users Posts: 43 ✭


    Hello All,

    I just noticed that the quarterly interest charge on my mortgage is higher than it has been for the past two quarters. I am on a fixed rate until the middle of next year so thought that the interest charged would be evenly applied throughout the quarters. I wouldn't be great on the calculation of compound interest etc. so just before I make a fool of myself ringing my bank I wondered could someone explain to me why this might be?

    I have no arrears and have paid on time every month if that would have any bearing.

    Any guidance would be much appreciated.

    Thanks.


Comments

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    #2
    Paraic OMuir
    Registered Users Posts: 9 ✭Paraic OMuir


    I don't see any obvious reason, yes you should contact the bank and get an explanation.

    Paraic


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    #3
    Troy2013
    Registered Users Posts: 43 ✭Troy2013


    Paraic OMuir wrote: »
    I don't see any obvious reason, yes you should contact the bank and get an explanation.

    Paraic

    Thanks very much Paraic. I really was taken aback as it is quite a bit more than usual. I will definitely ring and check it out.


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    #4
    Troy2013
    Registered Users Posts: 43 ✭Troy2013


    So the Bank says it is to with the differing amounts of days in the quarter. (91 as opposed to 93) From their maths it seems 2 days equates to a 2.95% increase in the interest charged in that quarter which seems an awful lot.


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