Moved house - messed up mortgage offer, long story

Bumble76

Hi! We moved last 26th March 2010. We are with the Alliance and Leicester. We ported our original mortgage with 16 years left on their fixed rate and took out a separate mortage interest only on their standard variable rate over 25 years til we got our finances stabilised. We got our key facts illustration and other documentation through in the february, signed all the acceptance forms and provided payslips etc. All was well and we moved and then a few days later via the mail redirection service we got the 'Welcome to your new mortgage' pack. I skimmed the covering letter basically to see when our first payment was due and filed it away. It wasn't until November when i was starting to look at mortgages (ours is due for renewal March 2011 where we would remortgage the whole lot into one over 18 years) that i realised they had bumped our ported mortgage back up to 25 years, something that was never requested or agreed to and the extra mortgage is now repayment over 25 years, again not requested. I immediately phoned and was told they would look into it. I then received a letter explaining that we are bound by the offer because that is what we signed for, NOT TRUE, and we didn't receive it until after we had moved in. I sent an angry letter back, recorded delivery, with a copy of what we had originally requested and signed for. I have still to hear from them.
Has this ever happened to anyone else? I have been with them since 2002, feel totally screwed over. There was even a full year where we made overpayments to reduce the balance and now with the ported part back up to 25 years, we will have only been paying off the interest again. HELP!!!

Thrugelmir

Bumble76 wrote: »

Hi! We moved last 26th March 2010. We are with the Alliance and Leicester. We ported our original mortgage with 16 years left on their fixed rate and took out a separate mortage interest only on their standard variable rate over 25 years til we got our finances stabilised. We got our key facts illustration and other documentation through in the february, signed all the acceptance forms and provided payslips etc. All was well and we moved and then a few days later via the mail redirection service we got the 'Welcome to your new mortgage' pack. I skimmed the covering letter basically to see when our first payment was due and filed it away. It wasn't until November when i was starting to look at mortgages (ours is due for renewal March 2011 where we would remortgage the whole lot into one over 18 years) that i realised they had bumped our ported mortgage back up to 25 years, something that was never requested or agreed to and the extra mortgage is now repayment over 25 years, again not requested. I immediately phoned and was told they would look into it. I then received a letter explaining that we are bound by the offer because that is what we signed for, NOT TRUE, and we didn't receive it until after we had moved in. I sent an angry letter back, recorded delivery, with a copy of what we had originally requested and signed for. I have still to hear from them.
Has this ever happened to anyone else? I have been with them since 2002, feel totally screwed over. There was even a full year where we made overpayments to reduce the balance and now with the ported part back up to 25 years, we will have only been paying off the interest again. HELP!!!

Prior to moving house you would have received and signed a mortgage offer which would have been returned to the lender. Without this your lender would not have advanced the monies to your solicitor to fund the purchase.

Maybe you failed to read this properly either. A salutory lesson.....

somethingcorporate

Thrugelmir wrote: »

Prior to moving house you would have received and signed a mortgage offer which would have been returned to the lender. Without this your lender would not have advanced the monies to your solicitor to fund the purchase.

Maybe you failed to read this properly either. A salutory lesson.....

+1

It would have been documented in all the paper work, Key Facts document etc that you signed so I don't think you have a leg to stand on I am afraid OP.

Bumble76

Thanks for the replies but what we signed and returned was not the same as what then came through after we had moved. That was the only documentation we received after we had signed. It was a new build we moved into and we basically got our move in date 3 weeks before. It was all very rushed leading up to the move and we were on the phone to the A&L getting them to fax details to our solicitors. I am going to phone A&L today to see what is going on.

TonyMMM

Have you checked the Key Facts document for your mortgage offer ...what EXACTLY does it say about the Mortgage term ?

orangina

Banks can make mistakes so you need a copy of the offer you signed and agreed to to see if you are at fault for not checking it, yet signing the acceptance, which means it is enforcable or if the lender is at fault in which case they will put everything back the way it was meant to be.

Gather the evidence, see who is at fault then submit a formal complaint if justified.

Bumble76

Thank you TonyMMM and Orangina for replying.
Have double checked all correspondance, it is so plain to see what we signed for, Part 1, Ported mortgage for 16 years on fixed rate repayment and Part 2, new mortgage for 25 years on their variable rate interest only. I phoned them on friday after i was on this forum and our complaint has been taken further.
Will keep you updated,