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lloydsTSB / C&G Offset Mortgage
ABRDF
Posts: 47 Forumite
Hi
Does anyone here reading this have an offset mortgage account with C&G / Lloyds. We have had an offset account for 3 years with them and have been trying for the past year to get them to explain how they calculate the figures. Every three months we get a statement this shows our offsetting, mortgage balance and number of months until completion (all of which they say are estimates). We noticed last year when the interest rate drops the number of months to the end date increase and when we are offsetting more and over paying also the number of months increases with each rate drop. They seem unable to explain.... can any of you experts explain???
We think / know that the outstanding number of months should be dropping, they say that they only calculate the account statement based on the due monthly amount and the interest rate.
Are other people having the same with their offset from C&G/ Lloyds?
Thanks
ABRDF
Does anyone here reading this have an offset mortgage account with C&G / Lloyds. We have had an offset account for 3 years with them and have been trying for the past year to get them to explain how they calculate the figures. Every three months we get a statement this shows our offsetting, mortgage balance and number of months until completion (all of which they say are estimates). We noticed last year when the interest rate drops the number of months to the end date increase and when we are offsetting more and over paying also the number of months increases with each rate drop. They seem unable to explain.... can any of you experts explain???
We think / know that the outstanding number of months should be dropping, they say that they only calculate the account statement based on the due monthly amount and the interest rate.
Are other people having the same with their offset from C&G/ Lloyds?
Thanks
ABRDF
0
Comments
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Hi, ABRDF.
It's a relief to know that we're not the only ones. Hubbie is going through Martin's remortgage advice now and we've started an official complaint with Lloyds.
We've had our offset with Lloyds / C&G since 2004 and have saved hard with the thought of paying off our mortgage early. ..and over the last 3 months, our mortage end date increased by 3 years! The C&G Offset Team argue that they increased it by 3 years because of the interest rate drop but that's not supposed to affect the capital repayments and we haven't changed the amount of savings we have with them. They also told Hubbie that we shouldn't pay any attention to the figures on the statement as they're just an estimate but how else are we supposed to know what's going on with our money! ..and so far we can't see any difference to a standard 25 year mortgage despite the amount of our money they've got their hands on.
I apologise for the over use of exclamation marks but we're more than a little annoyed, as I'm sure you are! (There I go again.)0 -
Hi
Its good to know we are no the only ones, we have taken the complaint to FSA0
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