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GE Money mortgage refunds
Funkychild
Posts: 1 Newbie
Yesterday I received a pleasant surprise from GE Money apparently they have identified a difference between the wording quoted in my mortgage offer letter and mortgage conditions that was sent before my mortgage was completed.
The details outlined in my mortgage conditions letter quotes ' Any changes to the variable rate will take effect from the monthly payment date following the announcement of a change to the Barclay's bank plc base rate. Your monthly payment will be changed a month later. You will be given at least 14 days written notice of the change to your payment'
However, in your my mortgage offer letter they refer to the date on which any changes in the base rate will be applied to my account. The wording states ' Any rate change will take effect 14 days after a change in the Barclay's bank plc base rate.'
Due to the difference in terms, GE Money has refunded £75.03 to my account including interest earned at the contractual rate of 8%. Furthermore as a token gesture to operate the account according to the Mortgage conditions they have also transferred an additional £25.
:beer::rotfl::rotfl::beer:
The details outlined in my mortgage conditions letter quotes ' Any changes to the variable rate will take effect from the monthly payment date following the announcement of a change to the Barclay's bank plc base rate. Your monthly payment will be changed a month later. You will be given at least 14 days written notice of the change to your payment'
However, in your my mortgage offer letter they refer to the date on which any changes in the base rate will be applied to my account. The wording states ' Any rate change will take effect 14 days after a change in the Barclay's bank plc base rate.'
Due to the difference in terms, GE Money has refunded £75.03 to my account including interest earned at the contractual rate of 8%. Furthermore as a token gesture to operate the account according to the Mortgage conditions they have also transferred an additional £25.
:beer::rotfl::rotfl::beer:
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