Mortgage co. miscalc' & I have to pay £221.66 extra pm!?

hants34

Hi, hoping someone can offer some guidance.
I have just received a letter from my mort co. advising that "following a review of your mortgage we have revealed an inaccuracy in the way your repayments are calculated. The effect of this, when combined with last years unprecedented rapid reduction in interest rates is that your minimum payment has fallen below the level required to repay your mortgage within the agreed term"
My mortgage is for approx £130,000 with approx 15 years remaining. They propose my payments increase from £662.29 (they seem to have not noticed my monthly overpayment of £100 as my last statement requested £562.29) to £783.95 pm an increase of £221.66 (not inc my current voluntary overpayment)
Last year, as expected I got a revised payment amount almost every month as I have a tracker which now shows an interest rate of 1.15% and I have letters confirming this from the mortgage co.

Is it acceptable for mortgage companies to do this? Are they not liable in any way for "their" mistake? If I made such an error at work my co. would have to write it off, not that I'm expecting for one minute my mortgage co. would do this! It all seems a bit wrong.
I'm not too bothered that my repayments won't pay off the final amount as I plan to move in approx 2 years.
I thank you in advance for any guidance provided.
Martin

opinions4u

I assume your lender is Clydesdale or Yorkshire Bank.

There are other threads on this ... the link below is one of them which may help you.

https://forums.moneysavingexpert.com/discussion/2450691

hants34

Thanks opinions4u, most appreciated, I've posted my note on the other thread that you reffered to, looks as though quite a few others have had similar problems but no resolution as yet.