Mortgage staff rate-bank still thinks I work for them. To tell or not to tell?

ladymacbeth_uk

I *used* to work for a bank over 2 years ago & got a fixed rate staff rate mortgage.

They still appear to think I work for them. What will happen when I tell them I have left? Will I have to pay back all the money for the past 2 years?

Obviously I don't want to do anything illegal but shouldn't they be aware that I have left already? Is this their mistake or mine? I'm too scared to tell them now I know in case they charge me for the past 2 years but I don't want this dragging on.
I know at least 3 other people in the same situation.

Help! To tell or not to tell

kingstreet

TBH you need to sort this sharpish.

HMRC will charge you the benefit in kind value of your staff mortgage. It may be worth doing a search for similar threads as I can't recall one in the immediate past. There have been a few in the last twelve months who found themselves being billed heavily as the rate used by HMRC was around 4% when they were only paying 0.5%.

I'm not sure about the ex-staff situation.

getmore4less

Whats the rate?

It might not be that special

opinions4u

1) Make sure HMRC aren't charging you BIK. You have no liability for it.

2) Remortgage somewhere else sharpish, before anybody notices and backdates.

InsideInsurance

Doubt they would backdate. When I stopped working for a bank they did remember to remove the preferential elements of my current account but left both the loan and credit card at staff rates. Thankfully there is no BIK considerations for these so kept quiet.