2 Questions about Natwest mortgages

legalfreak22

Hi,

I would really appreciate some help here.

1. For a Natwest home mortgage taken out in January 2011 (referring to an Approval from November 2010): Is interest calculated daily, monthly or yearly?

2. There always appears to be a discrepancy between the outstanding balance figures on: A. The Mortgage section of regular Natwest online banking; and, B. The 'my mortgage' website (which you get to from clicking on a link in A). The figure in B is always higher. I am not saying that this is a mistake, just want to know why the calculations are different.

Many thanks!

ACG

Do you have a copy of the offer anywhere?
If not, ask them.

One might be a daily figure, the other might be the figure following your last payment? Again... people to ask are natwest.

legalfreak22

Thanks for your response.

Regarding the second question, the trouble with Natwest is that the call centre doesn't give out useful information. You have to wait for a letter and then it is invariably generic. And not easy to understand.

I thought someone familar with Natwest mortgages could give me an answer. Of course I could write a proper letter but there are many helpful people on this website (such as yourself) that could give an answer in much less time.

Thrugelmir

Interest will be calculated daily and charged to the mortgage account on a monthly basis.

ACG

Your 100% sure that the OP has a mortgage charged with daily interest?

I would dig out the mortgage offer, it seems strange that their customer services can not say daily/monthly/annually. Im sure their customer services are in the UK so it should be simple enough for them to answer? Im not doubting you, just thinking its worth giving them another try maybe.

Thrugelmir

ACG wrote: »

Your 100% sure that the OP has a mortgage charged with daily interest?

Be surprising if they didn't. Given the lender and the date of the advance.

legalfreak22

Thank you guys.

Regarding my second question above, is there are reason that the balance figure in the internet banking section is different than the one in the ' manage my mortgage' microsite? The second figure is always higher than the first.

Once again, many thanks!

spidereyes

legalfreak22 wrote: »

Thank you guys.

Regarding my second question above, is there are reason that the balance figure in the internet banking section is different than the one in the ' manage my mortgage' microsite? The second figure is always higher than the first.

Once again, many thanks!

With my Natwest Mortgage the ""Manage Mortgage" Site shows the "Current" balance and changes daily, ie it adds a daily rate of interest (apart from weekends etc then it updates with 3 days interest on a monday) and then on my online banking it shows the balance based on the last statement.

So today I paid my mortgage payment and Manage Online Site shows £114,115 but my Internet banking site doesn't update for a few days after payment and then adds the interest as a monthly amount on the 20th of the month, so it shows my balance of £114,480 at present but at the 20th will show the balance £114,480 less my payment but plus my monthly interest.

Hope that makes sence

legalfreak22

Thanks for this!

I do think that they could have explained it somewhere rather than us having to make assumptions or even having to call for them to explain.