Mortgage £2000 more than we asked for

tesuhoha

I'm feeling a bit upset because after having recently moved, we seem to owe more money than planned. Before we moved it was a bit complicated. We had a Nationwide Mortgage which was on a fixed rate for 5 years, which ends in June 2007. As we did not want a redemption charge we went to Nationwide for our new mortgage and they said that if we wanted to avoid the charge we should continue with the old mortgage and borrow the extra amount we wanted. My husband went on his own to see the mortgage adviser and he asked for £74,000 which was less than we actually needed but we decided to pay the extra £4,000 ourselves to keep the mortgage down. Well, we made this extra payment on completion day and it all seemed to go through ok. However, a fortnight later we have not received a statement of the repaid mortgage either from the Nationwide or the solicitor. As I was getting a bit worried about this, yesterday I went on line to have a look at our account. There were no details about the redemption but our new mortgage has been split, with 2 different interest charges (we can remortgage June 2007) and when I added the 2 mortgage amounts up, it totalled £76,000. I immediately telephoned Nationwide and asked how this could be as we only asked for £74,000. Also we made a payment of £668 just before we moved and I asked what had happened to that. Our original mortgage according to Nationwide now totals over £49,138 even though I had got it down to well below £48,000. The mortgage adviser could not tell me what had happened but it does not look as if we have been charged a redemption fee. She telephoned our solicitor because she said she couldnt work anything out until she saw the completion statement from our solicitor but apparently the solicitor told her that the statement would not be sent out until the end of July. The mortgage adviser told us that she thinks we have about £2,000 to come back but I really dont understand this. We should have had just enough money to buy the house and owe £74,000, and have no money to come back. And if this is the case why is the solicitor not sending it on. Also, what if we dont get this money back and we owe £2,000 more than we asked for. Is there anything we can do? I really dont understand where this money has gone. Our solicitor has proved to be pretty useless and I've just got a feeling that no explanation at all will be given. I'm not even sure who is accountable.

Dave_the_Ginger_Cat

tesuhoha wrote:

I'm feeling a bit upset because after having recently moved, we seem to owe more money than planned. Before we moved it was a bit complicated. ...

You will need these papers:

• Redemption statement from old mortgage from Natiownwide
• Completion statement from your solicitor which will include a list of how the new mortgage has been spent

Once you have these, you can add up everything and see what if anything has gone wrong. If you need help with this, I'd recommend the mortgage advisor or customer services at Nationwide. I think you'd be better face to face as well, as they can run you through the calculations.

Sometimes an internal remortgage will loan you a little more than you asked and then the rest comes back to you once it is complete. If this is the case, just pay it off the portion of your mortgage which is at the higher rate.

Good luck

Robert_Sterling

Nationwide ..... Proud to be different.

Robert Sterling ..... Pleased to be a member of Nationwide.

I guess it will all come out in the wash.