Mortgage Payments

Mortgage payments should be recorded in the Finance Manager.  This is an overview of how to record them.

Automatic Payments

If your payments are regular and also for the same amount for periods of time, we recommend ticking Automatically Paid so that the software will record these payments for you.  For the majority of users, this is all you need to do and it is easy then to reconcile your bank account.  Simply use Change Loan to record when the payments change and what they change to.

Extra Payments

If you make one off payments to your loan to reduce the capital, you can record these as extra payments.  Go to the Payments page within the mortgage and press Add Payment.  Add the total amount of the payment to the Capital Amount field and press Save.  Landlord Vision will now record a payment to the loan on the date specified that you can reconcile your bank account against. Also, the Total Outstanding for the loan will be reduced accordingly.

Initial Irregular Payment

Quite often, a finance provider will have a date that the payments will be made on.  Let's say the first of each month.  The loan may have been taken out on say, the 16th of the month.  This means there will be a pro-rata amount for the period from the 16th to the end of the month.  You can set this up in the mortgage itself.  Tick Irregular Initial Payment and set the End Date to the be the last day that the period covers.  The regular payment periods will begin from the next day.

Irregular payment amounts

If your monthly payments are different every time because of the way the interest is calculated, then the only way to record these is manually.  Go to the Payments page of the mortgage, press Add Payment and record the respective capital and interest amounts of the loan in the fields on the window that pops up.  Once the payment is recorded then you will be able to reconcile it.