Adding Mortgages That Have Been Running for a Long Time

It is likely at the point that you are starting using Landlord Vision that you have a number of mortgages that are already up and running and may be been so for years. There is no need to record all of the payments and rate changes going back to the beginning.  Consider the following example:

Mortgage Start Date: 01/09/2018

Original Loan amount: £100,000

LV Start Date: 01/04/2021

Payment Amount: £595

Record the details of the mortgage as per the Adding Mortgages guide, including recording when the loan was originally taken out and how much for (in this case £100,000 on 01/09/2018).  In the Account Details section, set Loan Paid To > Historical Mortgage/Loan and enter the date of the first payment you want to track from.  Record the Amount to be the Outstanding Balance on the loan on that date which you can get from your mortgage statement.  If you don't know it exactly, you can update it later.

Now check the Payments section.  Here you will notice that the software has picked up 01/05/2021 as the payment start date.  This will be the date of the first payment in the software.

Landlord Vision will not write a drawdown payment to the bank account, or anywhere else in the software.  You also do not need to record the property purchase as an expense either if you use this method.

Note.  Do not set the Opening Balance Date to the 6th April unless your payments are made on the 6th, otherwise the monthly payments will be written on the 6th of each month and you may not be able to reconcile your payments.  Set the date to be the day the payments go out.