Interest/Capital Paid Off Breakdown Statement

sp9567

Hello

I wanted to ask if anyone has received/requested a statement breaking down the amount of interest and capital they have paid off on their mortgage month by month.

I have a mortgage with Skipton which began last year and pay approx £500 p/m towards the mortgage. I would like to know month by month how much of it is distributed between paying interest and capital e.g. £450 towards capital and £50 towards interest.

I have requested over the phone to Skipton if they could provide such breakdown to which their phone mortgage staff has said they cannot. At the beginning of the year I received a annual statement but this didn't go into detail and just listed the total amount paid off to date.

The reason why I would like a breakdown is for entering into my double entry account software GnuCash. Anyone else experience the same issue with their mortgage or think this should be made available?

ACG

I get a statement from my lender (principality) it has a month by month how much was received at the beginning of the month and how much interest was added at the end of the month.

If it helps, have a look at http://www.amortization-calc.com/
Ignore the fact its in $ and put the month/year your mortgage started, rate you pay and term and it should be right within a few pence.

sp9567

Hi ACG

Thank you for your response. I know the rough calulcation and how much is left but I would have thought that for transparency a mortgage provider would be able to and have to be able to produce a breakdown on request of the borrower.

The reason why it is a bit difficult to work out on my own on my end is that fees of £850 were added on top of my mortgage at the beginning which I paid off 4 days into the mortgage. (The mortgage adviser I used said I HAVE to add the fees on top of my mortgage which I only found out after my mortgage had begun that it was an option and untrue which is why I made a lump some payment).

So I would like a break down of how much interest was added in those 4 days or so. I know this is being nit picky but I was just wondering if this is something someone else also has issues with.

Anyway I may just make a formal complaint to Skipton requesting that they provide me this breakdown free of cost because of my rights as a customer of the loan.

MDMD

sp9567 wrote: »

Anyway I may just make a formal complaint to Skipton requesting that they provide me this breakdown free of cost because of my rights as a customer of the loan.

I have started to turn any enquiry where they don't resolve it at first contact into a complaint. At the very least it wastes their time (and costs them money) and you often get things sorted quicker so they can make their statistics look better in terms of resolution of complaints.

ACG

What is your rate of interest?

Thrugelmir

sp9567 wrote: »

Anyway I may just make a formal complaint to Skipton requesting that they provide me this breakdown free of cost because of my rights as a customer of the loan.

What rights are those?

ACG

At a rate of 5% over 5 days (lets add an extra day in case the solicitor received the funds a day before completion), I have worked it out to be around 60p.

Its not necessarily a bad idea to add the fee and pay it off after completion although yes, you do not HAVE to add it.

getmore4less

It's a myth that paying the fees upfront is cheaper than adding them to the loan

If you have the cash to pay the fees and take the option of adding them you just borrow less in the first place using the cash as a slightly bigger deposit.

Only pay them as overpayment if no ERC payable.

You don't need the full breakdown which may be the issue for them, just a statement of the interest and when it was due should suffice.

On some mortgages the interest is added at a different time to the payments so there is no break down possible they are not connected.

Every payment reduces the amount outstanding.

sp9567

Thrugelmir wrote: »

What rights are those?

Thank you for your reply.

I am not sure of the actual rights but am sure as a customer I am allowed to ask for clarity in calculations they use to work out how much I have left to owe at the end of every month. I understand that this can bee seen as me being fussy but I am someone who likes to keep on top of my finances even if it is something most people are happy to ignore.

I apologise for not being clear in my post. I would be satisfied if they just provide the balance of the account (mortgage left) on a month by month timeline. Currently I cannot do this or see this history because Skipton's online account facility only shows current balance. I tried to check the balance online at the end of every month a couple of days after a payment has been made against the mortgage but it was not always up to date.

sp9567

getmore4less wrote: »

It's a myth that paying the fees upfront is cheaper than adding them to the loan

If you have the cash to pay the fees and take the option of adding them you just borrow less in the first place using the cash as a slightly bigger deposit.

Only pay them as overpayment if no ERC payable.

You don't need the full breakdown which may be the issue for them, just a statement of the interest and when it was due should suffice.

On some mortgages the interest is added at a different time to the payments so there is no break down possible they are not connected.

Every payment reduces the amount outstanding.

The reason why I was able to pay the fees was because between the time at the start of the mortgage application and the time of completing I was unable to change my deposit amount, this is because of the seller (local council) and so was able to have funds saved up during the application time to cover any extra fees involved with the property purchase.