Mortgage £100 more than what was on offer?

Trying_to_be_good

That would revolve around whether you could 'reasonably' be expected to know the original figure was wrong, not just with hindsight saying it must be a typo as it's exactly £100 wrong.

LisaMarkand_Oliver

samba wrote: »

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?

Well they never told us it was wrong i worked that out for myself when i compare the two last week - £100 a month more is alot of money for some people and we budgeted on the offer amount which we assumed was correct we didn't bank on them making an error

Trying_to_be_good

I agree. So if you tell us the numbers, we'll check for you. Tell us the numbers from the offer, from the key facts, and from the documentation about the actual payment they now want.

If you don't tell us the numbers, we can't help, only sympathise.

£100 per month is £1200 per year which is a whacking great £30,000 over a 25-year term.

LisaMarkand_Oliver

i will do, some of the documents are at work so i'll bring them home with me later in the week - thanks

samba

I must say I'm wondering what you expect to happen if it turns out the £645 figure is correct? You still have £x amount to pay at y% over z years, so if you pay only £545 then you're going to have a huge amount of mortgage left over at the end, which you are still liable to pay. I hope you're not expecting that they will pay off some of your mortgage for you? At the end of the day the contract you have signed is to borrow £x amount at y% over z years, and the monthly repayment quoted in the offer is likely to be a guideline figure online, not a contractual obligation.

It's unfortunate, but it doesn't take much to plug a few numbers into one of the millions of mortgage calculators available on the web to confirm whether the monthly repayment amount stated in the offer is correct BEFORE agreeing to it?

I think the best you can expect is that they allow you to pay off the mortgage early with no penalty charges so you can go and get another mortgage from someone else, tho that's likely to result in similar repayment amount.

Sorry if I seem unsympathetic, but getting a mortgage is still a BIG THING (for me at least), so I find it difficult to understand how anyone could go into it without working out the figures for themselves.

eslick

samba wrote: »

It's unfortunate, but it doesn't take much to plug a few numbers into one of the millions of mortgage calculators available on the web to confirm whether the monthly repayment amount stated in the offer is correct BEFORE agreeing to it?

sorry dont agree, if you take out a mortgage with any company they should get it right, you shouldnt have to calculate this yourself. Mortgage companies get it wrong sometimes, we paid for 2 years with one company and they had been adding in mortgage payment in their original calculations and it was only when we got our final statement that they showed this and it wasnt in their annual statement.

I would write to Nationwide, enclosing all of their docs and threaten to take this to the Financial Ombusman and see what they say, bet they back down and give you it for the original amount as long as all of the other documents have the original figure

samba

eslick wrote: »

I would write to Nationwide, enclosing all of their docs and threaten to take this to the Financial Ombusman and see what they say, bet they back down and give you it for the original amount as long as all of the other documents have the original figure

How can they give it to them for the original amount if the sums don't add up? If they underpay their mortgage by £100 a month, then there will be a huge shortfall at the end of the term. They will still be liable to pay this somehow. Or should the other members of the Nationwide pay more interest on their loans and overdrafts to cover the shortfall? How is that fair?

As I said before, I expect their contract states that they have agreed to borrow £x amount at y% which they will repay over z years, not that they have agreed to pay £545 per month.

Tbh, I am sick of all this 'someone made a mistake, how can I profit?' attitude.

Torby

cant understand the reluctance to quote the figures...all you need to know is what your were originally quoted or what you have to pay now and add or subtract the £100....I'm assuming you know how much you took the mortgage for....I think most people on here are not so much concerned about how big a mortgage you took...but more so need the figures to do the calculation.

BlondeHeadOn

I don't know whether this will help, but we re-mortgaged to Nationwide about 5 years ago. Our first mortgage statement fromn them was completely wrong - they'd registered it as a repayament mortgage when it was an I/O, and they'd set a different interest rate to the one we'd agreed, so the first payment to be taken was like nothing we'de agreed (and about £100 more) - basically it was a complete !!!!-up on their part!

I had all the original paperwork they'd sent us, so I just wrote them a letter and enclosed a photocopy of their agreements - and within a couple of weeks they'd agreed it was all their mistake and gave us the deal they had originally agreed with us.

So Nationwide can and do get things wrong! Do chase it with them, as they should honour any written agreement they have with you.

HTH

uzubairu

Trying_to_be_good wrote: »

I agree. So if you tell us the numbers, we'll check for you. Tell us the numbers from the offer, from the key facts, and from the documentation about the actual payment they now want.

If you don't tell us the numbers, we can't help, only sympathise.

£100 per month is £1200 per year which is a whacking great £30,000 over a 25-year term.

Do you have any more information yet?