Mortgage Terms and Conditions have been incorrectly administered

getmore4less

headknee wrote: »

I'm just wondering if I should just accept what the letter says, think myself lucky that they've admitted the mistake, and be grateful for the £3,000+ off my mortgage

OR

Is there more I'm 'entitled' to, due to their mistake? Could I have earned more interest on that money compared to the saving I'm now making due to an extra £3,000+ being taken off now?

I'm not a financial expert, so registered with this great site to see if I could get a little help or guidance, that's all!

So they got it wrong for around 15months and it was around £3k so around £200pm overpayments.

Guidance: in the future make sure you know what you should be paying.

What rate were you on and what is the corrected rate? how big is £200pm in relation to the mortgage payment

Worth a go for more than your money just you back, could ask for a gesture of good will, do they have any other product you might like get the fees waived, have you had any money issues or CC debt at higher rates that could have been paid off to give genuine losses.

Might be other options those came to me top of the head.

RX-78

I think it is up to the OP to decide if he wanted to make overpayment - its not for the lender to decide OP wanted to make an overpayment, as they seem to have conveniently decided.

Put it this way - if this was the otherway round and OP was making underpayment due to his mistake, will the lender look at it with the kindness posters here suggests OP should be doing? I doubt it!

Whilst there is a tendency to assume the lender has greater authority, I think as a contract both parties must has equal right within the boundaries set by the contract. So the OP may be small fish in the pond compared to the lender but this should by no means give him less right to challenge the lender for thier mistake.

Although I do think getmore4less's advice sounds a good one to probe & see? The lender may be trying it on with the OP, hoping to come out of making a mistake without having to compensate - which is why I've suggested CAB (or FAS?) to see what right has he got as a first step.

p.s. even if they do pay for compensation I doubt it would be very much given the sum involved. So its upto the OP to decide if he wants to upset his lender & take on extra stress for the sake of small amount of money.