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How to amend mortgage loan amounts

Tips and advice on how to use Landlord Vision.
darrenmoo0
Posts:6
Joined:Fri Dec 16, 2016 1:25 pm
How to amend mortgage loan amounts

Postby darrenmoo0 » Mon Mar 20, 2017 1:37 pm

When previously using your 'Property Tax Manager' software I was able to update my outstanding mortgage loan amounts to synchronise them with my yearly mortgage statements.

All of my mortgages are 'interest only', but the lenders make small adjustments each year to the balance owed, I presume for accounting purposes.

I have tried to update my loan amounts in 'Landlord Vision' by selecting 'Edit Mortgage/Loan" but as the loan amount field is protected I have not been able to work out how to do this.

As I will shortly be redeeming one of my mortgages, I wish to ensure that the outstanding balances are up to date, so that when I make my final payment it matches what is actually owed and does not exceed the balance held in 'Landlord Vision'.

Please would you advise me on what I need to do to resolve this issue.

Kind regards

Darren Moore
Last edited by darrenmoo0 on Fri Jun 23, 2017 1:14 pm, edited 2 times in total.

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: How to Amend Mortgage Loan Amount

Postby emm » Mon Mar 20, 2017 4:35 pm

Hi!

You can adjust the amount that is due/left under Finance Manager-> Mortgages/Loans -> Loan History tab, or you can adjust the last payment amounts under Finance Manager-> Mortgages/Loans -> Payments -> Add Payment => Re-type the interest amount to what is on your statement.

Regards,
M

darrenmoo0
Posts:6
Joined:Fri Dec 16, 2016 1:25 pm

Re: How to Amend Mortgage Loan Amount

Postby darrenmoo0 » Tue Mar 21, 2017 3:43 pm

Hi

Thanks for your reply.

I'm not sure, however, that you have understood my query correctly.

I am aware that I can amend past and future monthly mortgage payments as per the method you describe.

However, all previous mortgage payments have been recorded accurately in LV and do not therefore need amending.

As far as I can see, the method you suggest only allows me to amend past and future payments but does not facilitate making adjustments to the OUTSTANDING LOAN AMOUNT.

Also, as the mortgage is INTEREST ONLY any payments made do not alter the OUTSTANDING LOAN AMOUNT as no capital is being repaid.

It is the "OUTSTANDING LOAN AMOUNT" that I need to amend.

The lender has adjusted the OUTSTANDING LOAN BALANCE and I need to know how to do the same in LV i.e the balance has INCREASED from £79,934.91 to £79,940.25.

I have two mortgages to which this scenario applies where the lender has made a small amendment to the loan that has resulted in a slight increase to the OUTSTANDING LOAN BALANCE.

Additionally, when I come to redeem a mortgage, I will need to record, in LV, the amount that I have actually paid to pay off the OUTSTANDING LOAN BALANCE.

As the OUTSTANDING LOAN BALANCE is now MORE than the original OUTSTANDING LOAN AMOUNT recorded in LV, I need to update the software so that my final payment, when recorded in LV, does not exceed the OUTSTANDING LOAN AMOUNT held in LV.

In 'Property Tax Manager' it was pretty straightforward to update the mortgage balances in the software, if required, but I just can't work out how to do this in Landlord Vision.

I hope that I have explained myself clearly enough for you to understand my problem and I look forward to receiving further advice from you on how to resolve it.

Regards

Darren

roy
Posts:57
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: How to Amend Mortgage Loan Amount

Postby roy » Wed Mar 22, 2017 2:40 pm

Hello Darren

Thank you for your clarifications

The mortgage value changes because each month you are paying the same amount, but as the interest is calculated daily and the months are slightly different lengths, so some months you pay off a little of the loan and some months you underpay so the value goes up. Your lender is not amending the loan and over the course of the mortgage the outstanding loan amount remains close to the original amount you took out, though very rarely bang on

In this scenario, it is better to leave the loan as it is, but when it comes to pay it off and you want the exact amount to show in LV, simply go to Fees and Charges within the loan and either add or remove the difference between the original loan and what it is now. Set the account to be Mortgages and Loans. Then close the mortgage and the correct amount will be written to the bank account

Kind regards
Roy

darrenmoo0
Posts:6
Joined:Fri Dec 16, 2016 1:25 pm

Re: How to Amend Mortgage Loan Amount

Postby darrenmoo0 » Fri Mar 24, 2017 12:14 pm

Hi Roy

Thank you for your reply

I understand your answer but still require some further guidance to enable me to fully understand what steps I need to take. I would therefore be grateful if you would answer the following points: -

1. After selecting FEES & PAYMENTS within MORTGAGES/LOANS should I next select ADD LOAN FEE or ADD CREDIT NOTE?

2. Having selected one of the above choices, please advise on exactly which option I should select within each of the following categories: ITEM COST / ITEM / ACCOUNT

3. Do I leave QTY as 1 and then enter the difference between the original and final loan value in UNIT PRICE?

4. If the loan amount needs revising DOWN, how would I do this, as it would seem to not be possible to enter a negative figure in UNIT PRICE?

You advise that the mortgage should then be closed and that the correct amount will be written to the bank account. Wishing to ensure that my bank account in LV remains in sync with future bank statements please clarify the following: -

1. Am I correct in my understanding that the entries made in FEES & CHARGES serve only to adjust the OUTSTANDING LOAN BALANCE and so will not cause an entry to be written in the bank account?

2. If so, am I therefore correct to think that an entry for the REVISED loan balance will only be made when the mortgage is closed in LV, thus keeping banking entries in sync with future bank statements?

Hope all that makes sense?

Sorry for all the questions but LV can be a little hard to fathom at times for those of us with a non-accounting background.

Appreciate your time and patience and look forward to your reply.

Kind regards

Darren

roy
Posts:57
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: How to Amend Mortgage Loan Amount

Postby roy » Mon Mar 27, 2017 10:26 am

Hello Darren

Thank you for your follow up questions, I can advise as follows:

1. You should select Add Loan Fee to add to the loan

2. Cost Type = Item cost (as it is a one off charge and not a service charge)
Item = You can leave this blank
Account = Mortgages and Loans

3. Yes. You are adding / removing one quantity of that amount. The QTY function is for if you get charged multiple times for the same thing and you can then add them all to the same line

4. Set Payment Type to Charge Deducted from Loan Amount. Please note that the loan will not go down in the Finance Manager, but the amount written to the bank account will be lower by that amount

Clarifications: Correct on both points. No additional amounts will be written to your bank account, it will just change the value that gets written to it when you close the mortgage

Kind regards
Roy

darrenmoo0
Posts:6
Joined:Fri Dec 16, 2016 1:25 pm

Re: How to Amend Mortgage Loan Amount

Postby darrenmoo0 » Tue Mar 28, 2017 3:26 pm

Hi Roy

Thanks, that's made it much clearer.

Really appreciate your help on this.

Kind regards

Darren


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