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Mortgage £100 more than what was on offer?
LisaMarkand_Oliver
Posts: 53 Forumite
I have a mortgage with Nationwide and we recently borrowed more money to purchase a bigger house.
Our mortgage offer came in December and all looked fine, moved into the new house in Feb and last week we recieved the breakdown of our new payments.
They are £100 more than what was quoted on the original offer back in December.
I spoke to nationwide last week and wanted to know how this happened and which one is correct - i basically recieved a letter yesterday saying it is the higher amount and they showed the working out.
Where do i stand with this now, no explanation and i'm a little annoyed that they can make us pay the higher amount when they never quoted that figure until after we had moved into our new house
Our mortgage offer came in December and all looked fine, moved into the new house in Feb and last week we recieved the breakdown of our new payments.
They are £100 more than what was quoted on the original offer back in December.
I spoke to nationwide last week and wanted to know how this happened and which one is correct - i basically recieved a letter yesterday saying it is the higher amount and they showed the working out.
Where do i stand with this now, no explanation and i'm a little annoyed that they can make us pay the higher amount when they never quoted that figure until after we had moved into our new house
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Comments
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small print?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Its not just the first month payment is it? I have always had a shocker of a first payment and then it settles down.0
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Tell us the figures (interest rate, term of mortgage, repayment or interest only) and we'll see if we can work out what's gone on.Mortgage Free thanks to ill-health retirement0
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Trying_to_be_good wrote: »Tell us the figures (interest rate, term of mortgage, repayment or interest only) and we'll see if we can work out what's gone on.
the offer states (example figures) £545.12 and the letter received in february is £645.12 - so exactly £100 more - they've obviously made a typo - but i don't think its fair that they can just impose this new figure on us0 -
There shouldn't be a typo as I'd assume it's computer generated.
What are the figures?Mortgage Free thanks to ill-health retirement0 -
Is the interest rate the same as when you got the offer letter? Is the amount you borrowed the same as on the offer letter?
I was thinking of moving to Nationwide but I have heard far more bad things about them than good.0 -
Is the interest rate the same as when you got the offer letter? Is the amount you borrowed the same as on the offer letter?
I was thinking of moving to Nationwide but I have heard far more bad things about them than good.
Hi yes everything else is correct - its strange how it is exactly £100 more thats why i thought it might have been a typing error0 -
What was the figure on the key features illustration?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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LisaMarkand_Oliver wrote: »they've obviously made a typo - but i don't think its fair that they can just impose this new figure on us
As you say they obviously made a mistake, and if the new figure is the correct amount based on how much you borrowed, the interest rate, and the term of the mortgage, then I can't see how you can think it isn't fair?0
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