Once you have a mortgage set up, you can make changes if needed. There are three places where you can do this.
Usually mortgages change over time. If the interest rate or payment amount changes during the lifetime of the mortgage then you can change it here. You can also use it to tweak some of the configuration options. The Change Loan button allows you to make a change from a specific date and includes the following options. Please note that you do not have to fill in every field, you can change just one thing if you need to.
Date of Change: The date from which the change takes effect.
Interest Rate: The new interest rate from the Date of Change.
Payment Type: Use this to switch the mortgage between Repayment or Interest Only.
Total Monthly Payment Amount: The amount that you are paying from the Date of Change.
Payment Account: The account from which the payments are being made.
Automatically Paid: Use this to toggle between whether the software records the payments for you, or you record the payments yourself. Enable this option if the payments are staying the same or disable it if they change every month.
On the Edit Mortgage screen there are many things that you can change. If you made a mistake in setting up your mortgage, you can correct it here. Please see the Add Mortgage topic for more information these fields.
When you make changes to many of the settings, the Payment Schedule will automatically update. However, please note that if the following fields are edited with Automatically Paid unticked, the payments will be deleted and will need to be re-entered:
- Start Date
- Payment Type - Irregular Initial Payment (for monthly payments only)
- Irregular Initial Payment -> Payment Amount
- Irregular Initial Payment -> Payment End Date (for monthly payments only)
- Irregular Initial Payment -> Payment Due Date (for monthly payments only)
- Regular Payments -> Payment Amount
- Regular Payments -> First Payment Due Date (for monthly payments only)
Editing a Closed Mortgage
If you have closed a mortgage and now discover that you need to change something, you can simply re-open the mortgage and all of the above options become available to you. On the Finance Manager > Mortgages/Loans screen place your mouse over the closed mortgage that you want to edit and look for the cog icon before selecting Re-Open Mortgage/Loan.
Adding and Deducting Fees and Charges to a Mortgage
If you have fees that have increased the value of the mortgage, you can add these under Fees and Charges. Click Add Loan Fee and use the Payment Type dropdown box to determine whether the charge requires its own separate payment, whether it is now a part of the loan and therefore has interest charged on it, or if it is to come off the loan. Please note that if you choose the last option, you will not see the value of the mortgage go down but it will reduce the amount that it writes to the bank account.
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