How To Record A Mortgage

Many property managers use PaTMa to keep track of their investment mortgages as a way of amplifying and gearing their returns. PaTMa has the ability to record all mortgages and property values, sending automatic reminders three months prior to the fixed rate termination, and the ability to display instant visual data.

Getting Started

  • In the header, navigate to Manager.

You will be directed to a page listing your current properties.

Note: With the free version of PaTMa, you can only manage one property at a time. To add more than one property to your account. Upgrade to a Premium Account.

  • Click the Property Label you wish to add a mortgage for.

A page displaying the property's information will be presented with details of relevant rent payments, tenancies, a finance summary and recent expenses.

  • On the page, find the section titled Mortgage and click Add Mortgage.

Note: You also have the ability to mark the property as mortgage free by clicking Set No Mortgage.

You will be redirected to a page displaying a form that you will need to fill in with the mortgage agreement.

Filling In The Form

Lender

In this field, enter the name of the lender to which the mortgage is being paid to.

Start Date

Enter the date of which the mortgage began by clicking on the field to enable the Calendar and select the relevant Date.

Term (years)

Manually enter the period length of the mortgage in years.

Repayment Type

Specify the method of repayment that is valid for the mortgage (ie. Repayment/Interest Only).

Balance

Insert the amount to be paid in total.

Interest Rate

In this field, enter the interest rate applied to the mortgage by the lender.

Rate Type

Specify whether the interest is to be paid on a fixed/tracker/variable basis, using the dropdown menu.

Fixed Rate End Date

Using the calendar popup, enter the date the fixed rate repayments are due to end.

Monthly Payment Amount

In this field, enter the amount paid monthly for the mortgage.

Closed

Select this field if the mortgage account is closed and fully repaid.

  • Once completed, select Save.

Recording Mortgage Payments

  • In the header, navigate to Manager.

You will be directed to a page listing your current properties.

Note: With the free version of PaTMa, you can only manage one property at a time. To add more than one property to your account. Upgrade to a Premium Account.

  • Click the Property Label you wish to account a mortgage payment for.

A page displaying the property's information will be presented with details of relevant rent payments, tenancies, a financial summary and recent expenses.

  • On the page, click the navigation tab Expenses and then click Add Mortgage Payment.

You will be redirected to a page displaying a form that you will need to fill in with the mortgage payment details.

Filling In The Form

Date Paid

In this field, enter the date the mortgage was paid.

  • Click on the field to enable the Calendar and select the relevant Date.

Payment Method

Specify the payment method used (ie. Cash/Card).

Amount

Insert the amount paid in total.

Supplier

In this field, use the dropdown menu to select the Supplier of the payment.

Note: If this is the first time accounting for a mortgage, you will have to fill in popup form with the supplier's name and details. In this case:

  • Click Add.
  • Enter the supplier's Name, Phone, Email, Hours and Notes etc.
  • Click Add to save the supplier.

  • Once completed, select Save.
  • Alternatively, if you wish to continue on to create another payment, select Save + Enter Another