Is This Bad Advice?

Debbie123

A while ago I posted a message on the forum about our mortgage. I was wondering if it was a viable option to take out a personal loan to pay off the outstanding sum of £16,500 (this was the amount of the initial loan). The loan was taken out in 1988 and has 7 years to run. The payments made have simply been paying the interest!!! Another option was to change it to a repayment and we received quotations from the Building Society to this effect. We wanted to increase our payments to pay off the mortgage as quick as we could but we were told that we could only pay off 10% of the outstanding balance per annum - so this is something else we were looking at. I asked what our options were (in writing) and received a response saying that we are on a standard rate and in effect we can pay anything we want off the mortgage as long as it's over £500 whenever we like - there are no penalty clauses for early redemption. I'm deeply concerned as due to the conflicting advice (which they seem to acknowledge and have apologised for) that we almost took out a repayment mortgage or personal loan. What should I do as I'm not happy to leave it as a mere apology.

dunstonh

Unless you are out of pocket for an error, you are not entitled to a penny.

Mistakes happen and if they are corrected and those involved informed then that is fine.

regularsaver1

I dont see this as advice - merely options?