Mortgage Audit

dunstonh

hey, C&G, explained to my wife we would pay the break over the remainder of the term of our mortgage;

Which is normal. Authorised arrears normally keeps the original term and increases the payments when you restart.

now with less than a year to go and the end of our fixed term, they are now billing us for the baby break in the final year by asking for an extra £600 a month!!

That is not normal and suggests a possible error? or perhaps a misunderstanding of how you wanted the arrears positioned. i.e. did you put them on a sub account with an expiry date of the 5th year or did they just get added to the main accounts 01 etc and stay with the original term?

So, with that in mind ( and my complaint in proccess) i am seeking to have my Mortgage audited to ensure I have paid the correct amount, whilst having it presented to me in a clear manner that i may be able to read the figures and have them explained by someone independant of the bank.

You can get it done but statistically you will almost certainly find no error and will end up out of pocket by paying for it. It also seems a bit overkill for such a simple issue to resolve.

Burridge60

Never have known a "baby break" being a mortgage feature.

No doubt you kept all the paperwork about this or were you just "glad" that your lender was so gracious and was prepared to help out?

It was probably a non contractual "grace" that your lender provided at the time and your response to it now as it is being shown in the clear light of day in your record is an affront to your acceptance of it at the time.

How else do you expect a lender to show it in the "transparent" time of every charge and fee being anaylysed!

Just makes me understand why the lenders don't do favours any more or accept their customrers word for their position.

We ultimately deserve what we are delivered by our banks.

Thrugelmir

Rusty-Bretta wrote: »

Yeah, there are a few odd costings and terms that have cropped up that I am not happy with, mainly surrounding a Baby Break. I have little faith in their ability to honestly tell me how much I really owe them.

Many people are suprised how quickly arrears mount when a payment break is taken. As a high proprtion of your mortgage repayments is interest (not capital) the compounding effects over a 6 to 12 month period mount rapidly. As accrued interest liability in itself becomes borrowed money. On which interest will be charged over the remaining duration of the mortgage term.

Their computer system will accurately calculate the interest.

Why haven't you taken action previously. As it would appear that you haven't reinstated capital repayments for the "loan"? Despite this appearing to happen some time ago. Did you inform the C&G when your wife returned to work?

Rusty-Bretta

Having now pulled it all apart in discussion with C&G, they have agreed that it was not implemented as described and have now accepted cash payment of the original amount, minus compounded interest, and we are back on track to the final few payments.

C&G have been gracious in there Customer Service and taken on board the whole complaint.

They have explained that they now action Baby Breaks in a different way and no longer wait til the end of fixed rates etc and implement it immediately post break.

Many thanks for all the posts, though some do seem a little odd and at odds with other forums I have used. Maybe it may be worth reserving judgement with limited facts, I hope this only occurs due to limited format that forums offer.

Thanks Again.

Rusty-Bretta

You can get it done but statistically you will almost certainly find no error and will end up out of pocket by paying for it. It also seems a bit overkill for such a simple issue to resolve

Rusty-Bretta wrote: »

Thanks for that, I have been told by our accountant that the soft ware they use is very accurate and therefor not worth auditing.

Thrugelmir

Rusty-Bretta wrote: »

Many thanks for all the posts, though some do seem a little odd and at odds with other forums I have used. Maybe it may be worth reserving judgement with limited facts, I hope this only occurs due to limited format that forums offer.

If there's limited information given then you'll receive a range of responses. The more specific the question the better the answer you'll receive. That's the nature of forums such as this.

Sounds as if your specific circumstances were better dealt with by talking direct to the C&G.

dimbo61

You seem to have been very fortunate in the fact that C&G have messed up and you have then had an interest free loan if you have paid no interest hence the change in the way they now offer " baby breaks" well done.
A few years ago few if any lenders would have even considered any kind of break in mortgage payment and you would have received a letter from your bank/building societies manager if you were a day late with your mortgage payment plus a £25 charge for the letter.
Build up a good emergency fund of 3/6 months of income

torbrex

mortgageaudits wrote: »

It is better that you should get advise from some company for the services of mortgage audits. I have a name of the Company MortgageAuditsOnline. I also taken help from them for my audits. You can go for it.

This is the address:
Mortgage Audits Online 100 Rialto Place, Suite 700
Melbourne, FL 32901

You can check this out..

:spam: merchant