These adjustments are defined as follows:

 

Set Mortgage payment	An override of standard monthly mortgage payments calculated by Redress Manager, using the amount specified for a given period. This should not be used for comparisons unless the actual payments for both the Interest Only and Repayment side of the calculation are known and entered accordingly.
No Payment	Removes all monthly mortgage payments, entered monthly payments, lump sums and overrides for the specified period.
Set Payment Day	Changes the original day of the month on which payments are collected, to the date specified.

 

Example D1

 

Set Mortgage payment  1/1/1990            200.00              31/12/1990

 

For the twelve months from 1^st January 1990 until 31^st December 1990 the monthly mortgage payments taken will be £200.00.

If you use this for comparisons, different figures must be entered for the interest only and repayment monthly payments.

 

 

Set Mortgage payment  1/1/1990            -100.00             31/12/1990

 

For the twelve months from 1^st January 1990 until 31^st December 1990 the monthly mortgage payments taken will be reduced by £100.00.

 

 

Example D2

 

No Payment                  1/1/1990            31/12/1990

 

No mortgage payments or monthly payments during the period 1^st January 1990 until 31^st December 1990 will be included in the calculation. Note this does not affect monthly premiums e.g. Endowments / DTA

 

This adjustment is similar to using ‘missed payment’ & negative ‘monthly payments’.

 

Example D3

 

Payment Day                1/1/1990            20

 

From 1^st January 1990 the payment day will change to the 20^th of the month. The date range for the day is 1-31; any other value will be ignored (where the day is 31 the payment will occur on the last day of the month).

 

SPECIAL NOTE: Setting the payment day twice in one month may cause an additional payment.

 

WARNING: When using the Set Mortgage payment adjustment you are telling the system that this is the mortgage payment for a specified period. If you create additional adjustments like lump sums etc. this may cause a conflict and produce unexpected results. This behaviour may be worsened when using the System Generate as it copies all but Set Mortgage payment adjustments across to the new set.

Related Topics

Adjustments