Building Society error is costing me

Richie78

History. Two years ago I sold my first house which I had purchased with a 5 year fixed mortgage. I lived there for 3 years and so had 2 years remaining on the fixed term. To purchase my new house I had to take out a further advance and here is the problem.
I applied, through a mortgage broker, for a 2 year fixed term mortgage so that they would both end at the about same time and I would be able to seek a better deal. The mortgage was approved and I signed on the dotted line as directed by the broker. Sadly, I didn't check the details of the final contract and neither did the broker.
2 years on, I now find that I signed up to a 5 year fixed term.
The broker still has copies of the original application. He drafted and sent a letter to the lender on my behalf and when we received no reply he faxed them, again to no avail.
Assuming the exchange rates remain as they are, I estimate this mistake is going to cost me approx £3700 this year alone!
To be honest, I don't fancy my chances and suspect that I will have to accept this as a lesson learned the hard way. However, can anybody give me advice on how best to proceed?

Wutang_2

Richie78 wrote: »

Sadly, I didn't check the details of the final contract and neither did the broker.
2 years on, I now find that I signed up to a 5 year fixed term.

Not sure your title - "Building Society error is costing me" - is quite right....

beecher

Wutang's right - it was your error in not reading what you were signing. Work out if paying the ERC would be worthwhile for you to get out of the fix.

Richie78

I hadn't really considered that as an option but having done the basic sums, you could be right. Thanks

SelbyJay_2

If you can prove your broker didnt act in your best interests, you could maybe raise a complaint with them and get them to accept some responsibilty. You should have been more careful tho.