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Mortgage "prepayment"

  • 26-01-2018 10:44am
    #1
    Ron Scott
    Registered Users Posts: 119 ✭✭


    My mortgage statement includes a line "Arrears/Prepayments" followed by a figure with "Prepaid" after it. Could someone explain it to me please ?


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    It just means you are that amount ahead of your scheduled repayments.

    Could be many reasons, are you making overpayments? If not and it's only a small amount it could just be the timing of the issue of the statement v the last payment date. For example if your last payment came in on say 31st of month but not due until 1st of month then if the statement was issued on 31st you would be a month ahead in theory.

    If it's just some random amount it could relate to any one off overpayment during the year or refund of something or other to the account.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    Ron Scott wrote: »
    My mortgage statement includes a line "Arrears/Prepayments" followed by a figure with "Prepaid" after it. Could someone explain it to me please ?

    Your mortgage provider is ideally placed to do that.


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