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Amend mortgage loan amounts

Tips and advice on how to use Landlord Vision.
michael_ho
Posts:7
Joined:Sat Aug 01, 2020 8:04 pm
Amend mortgage loan amounts

Postby michael_ho » Sat Nov 13, 2021 12:28 am

I wish to match the annual mortgage statement to Landlord Vision, for a particular mortgage.
Once I have matched the amounts, I plan to close the mortgage and create a new mortgage as the property has been remortgaged.

The interest charged obviously goes up or down based on the months, but the payments remain fixed.
How do I account for the difference? In my case, the remaining balance is lower than what LV is showing. I tried adding a credit note under Fees & Charges but I can't see whether that has changed the total outstanding, and it would be incorrect to "pay" the credit note because that will affect my Bank account.

So how do I fix the closing balance of the mortgage, or even match it to the Annual Mortgage Statement?

Thank you

michael_ho
Posts:7
Joined:Sat Aug 01, 2020 8:04 pm

Re: Amend mortgage loan amounts

Postby michael_ho » Sun Nov 14, 2021 7:24 pm

I have a followup question please.

I set my mortgage up for 24 months as a fixed rate, and the payments were made accordingly.
At the end of the 24 month fixed period, LV seems to suggest that the full mortgage amount is paid off so it appears as an outward payment in my bank account.

In reality, there was about 6 months of payments made at a higher variable rate, until the property was remortgaged, so its unlikely that the mortgage would ever be paid off like that.
How do I stop that payment of the mortgage balance from appearing in my bank account?

I appreciate that many people here are seasoned LV users, so this could be a common question, but I'm finding it difficult to work it out.

Thank you

michael_ho
Posts:7
Joined:Sat Aug 01, 2020 8:04 pm

Re: Amend mortgage loan amounts

Postby michael_ho » Tue Nov 16, 2021 12:29 pm

Trial and error. Many errors. But I believe I have now closed the mortgage correctly.

Still unclear though how to match the closing balance to the Mortgage statement. It didn't agree but at least my bank reconciles correctly.


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