Help! Bank didn't switch mortgage type for 3 yrs!

H.P.Bazxter

OMG! I just received my mortgage statement and found that I am on "interest only" mortgage!

I have requested my bank to switch it to "repayment" 3 yrs ago (I have a copy of letter requesting this,) while part repaying some sum, and the cheque bounced at that time etc. and it just didn't go smoothly. But I ended up talking to bank people and they said it was switched, and the amount will be £XXX/m.

I was paying the amount of £XXX and never suspected anything! And today I realized it still was on interest only!

Why didn't it click in my thick skull for 3 yrs, I don't know! but I was checking my statement online for past few years so in there was no mentioning of the type.

I know you all think I am an idiot and beyond (I do!) but OMG, what a waste, I was making NO prpgress in repayment for this long???

Do you think I stand any chance to make another sum repayment now, make bank calculate my loss and get that compensated?

I am furious at myself and so upset....

Plz advise x

SimbaSimon

H.P.Bazxter wrote: »

OMG! I just received my mortgage statement and found that I am on "interest only" mortgage!

I have requested my bank to switch it to "repayment" 3 yrs ago (I have a copy of letter requesting this,) while part repaying some sum, and the cheque bounced at that time etc. and it just didn't go smoothly. But I ended up talking to bank people and they said it was switched, and the amount will be £XXX/m.

I was paying the amount of £XXX and never suspected anything! And today I realized it still was on interest only!

Why didn't it click in my thick skull for 3 yrs, I don't know! but I was checking my statement online for past few years so in there was no mentioning of the type.

I know you all think I am an idiot and beyond (I do!) but OMG, what a waste, I was making NO prpgress in repayment for this long???

Do you think I stand any chance to make another sum repayment now, make bank calculate my loss and get that compensated?

I am furious at myself and so upset....

Plz advise x

May be a silly question but how did you not notice the balance going down if you were only paying the interest off? While it may not have said repayment or interest only if you were on interest only I'd expect your balance to be the same today as it was 3 years ago.

Also, I presume your payment amounts never changed? If so then I don't see how the bank is to blame. Surely if you were going to i/o to repayment you'd expected a higher payment to be made each month?

H.P.Bazxter

Like I said, I didn't check the statements, only the interest rates on-line plus I was making sum repayments here and there so amount changed.

Why payment amount changes each month? When I was on "repayment" the amount changed according to the interest rate, only went up when interest rate went up. The interest rate went down and down for the past few years, so amount I was paying went down and down.

bacard1

I don't suppose you sent the letter recorded delivery