co-op bank mortgage holders..

wheeze

if you have a daily interest mortgage and have their on line banking, does it update on line each day?

MY o/s total has been the same all of this month, so I'm wondering if its calculating daily but not updating the account:think:

TIA

cake21

Sorry this is no use to you at all but I have a Coop mortgage and I'd love to see it online! How do you do that please? Do you have a Coop current account as well?

wheeze

yep, I have a current account, the mortgage account shows underneath.

You cant do anything with it, it doesnt break it down or anything, just shows the o/s balance
hth

wheeze

anyone? :):)

violetblue

I have a Co-op mortgage but have been told I can't view it online, so I think after seeing your post I will ask them again!

As far as I know, most daily interest mortgages calculate the interest every day but then it only gets added once a month. If I were you I'd check it at the beginning of next month and it will probably have jumped up a bit as the interest will have been added then.

ailuro2

Our mortgage was Co-op, it only updated once a month, normally a day or two after payment date.

jaywhoopee

I believe the daily interest is only added once a month.

If you talk to the Co-Op they'll tell you which date, but I think it's the 1st.
They recommended I made my payment then to ensure the daily calculations are based on the lowest figure possible.

violetblue: If you sign up for a Co-Op current account then the mortgage balance also appears in internet banking.

mummyofonechild

Hi

Will this also work with Britannia Mortgages who are now part of the Co op please

Thanks

Jonbvn

With the exception of mortgages where the interest is added annually, mortgage interest is calculated daily and added to the mortgage monthly. This usually happens around the time you make your payment.

itsgazza_2

Co-op Mortgage interest is calculated daily on a compound basis ( interest is calculated and added daily to the outstanding balance) and then added to the outstanding mortgage total on a monthly basis.

I know this as I asked the same question when taking out my (now expired) tracker mortgage.

The mortgage balance does show when I log onto their internet banking site but I also have a current account with them so it may not be the same for all.

Welshlassie

You can view co-op mortgages online if you have a current account with them. i recently open one just to be able to see my mortgage on line. Interest is calculated daily but added to the mortgage on a monthly basis. Any OP's you pay during the month will show on line as soon as they clear (so the following day if sent from your linked co-op current account).

HTH