Mortgage Watchdog Software

[attrill]

Hello Everybody

I am looking at using the Mortgage Watchdog software as it comes with a guarantee to save you more than it actually cost. Has anybody used this? I would like to know how it works as it seems to me they must be calculating loan interest using a different formula than the banks to come up with a different result.

If anyone here has used it, I would love to know the bank's reaction when the results were shown to them.

Thanks

 

[geoffw]

It has been discussed many times before- this thread for instance, which includes a spreadsheet for doing similar yourself.

But search the forum, you should get some answers at least.

 

[attrill]

Thanks for the pointers. The old threads make interesting reading. I was just wondering if anybody had anything new to add.

 

[monoply]

One of their marketing tools is the money back guaruntee offer. It looks like the money back gauruntee might be pretty hard to obtain. Will probably be able to update more in the next week or so, but we didnt find any errors on our statements.

 

[dex123]

The Excel spreadsheet does not cater for changes in interest rates - it assumes a fixed rate from start to end.
Is the mortgage checker software better in this regard?

 

[wylie]

With the Mortgage Watchdog software, I had to input the balance each time it changed, so maybe 30 times a month for our pay account, plus the change of interest rate.

I actually found a few errors, some my way, but mostly the bank's way, but lost all my data with a computer crash. Since then, we got a new computer and it has crashed about six times in six months, and is in for repair under warranty again now.

Until I feel comfortable that my computer will not lose everything again, I will not spend the considerable time it took entering the data for the several loans we hold.

But I do plan on doing it again as soon as I have a computer that works as it should, and I do plan on asking the bank to "please explain" and "please reimburse".