Mortgage problems with The Mortgage works

SAMMYE_2

Hi all,

My mortgage was transferred to "The Mortgage works" from Bank of Ireland officially last week on the 7th Dec.

I called them on the 7th to make and overpayment but was told if I paid more than £500 in a month I would be charged £5000, supposedly 5% of my mortgage (which is incorrect amount anyway) I explained that previously I could overpay 10% without penalty and as that is my agreement they would have to honour that. They said they would get someone to call me back.

I have not heard anything so call them today and they said I could pay up to £5000 on a card but anything more then I would incur the 5% charge. I once again explained that I can overpay 10% and they said they can see that I was due a call back about this and will get someone to call me back today.

Does anyone else think that this is appaling service Or am I overeacting? What would you do in my situation?

Cheers

Sam

Wh05apk

Your terms should stay as BOI, also TMW will normally allow 10% overpayment, Nationwide will only allow £500, so I suspect somebody is getting confused at TMW?

SAMMYE_2

Wh05apk wrote: »

Your terms should stay as BOI, also TMW will normally allow 10% overpayment, Nationwide will only allow £500, so I suspect somebody is getting confused at TMW?

Thanks alot.

Yeah thats what I thought but just think its a bit bad that they are not getting back to me about it! Its costing me money too as I am paying interest that I wouldnt be paying if I were able to make the overpayment last week when I called them!

dreamalittle

Your sig says you've already overpayed 10% this financial year. I wouldn't have thought that the change of provider would mean that you get another bite at the cherry.

SAMMYE_2

dreamalittle wrote: »

Your sig says you've already overpayed 10% this financial year. I wouldn't have thought that the change of provider would mean that you get another bite at the cherry.

Yes but that was to Bank of Ireland.

In any case I'm not asking a lot for them to confirm either or!?

Mrs_Z

I have a tracker with TMW and for the first year, only 10% overpayments were allowed without penalty. When the special deal/rate expired after 12 months, then unlimited overpayments were allowed. Little did I realise that TMW does not credit such overpayment straight away - it was something like from the following month. I didn't think of checking the wording and got stung badly - basically they sat on my fat overpayment cheque for a whole month. I'm so crossed!

Like already said, they usually allow 10% overpayments on their mortgages so check again.

Thrugelmir

SAMMYE wrote: »

Yes but that was to Bank of Ireland.

Who you are paying doesn't matter. The terms and conditions of your mortgage remain the same.

SAMMYE_2

Thrugelmir wrote: »

Who you are paying doesn't matter. The terms and conditions of your mortgage remain the same.

Ok fair enough if I have made the overpayments I am allowed but they arent getting back to me!? They said they would get someone to call me back yesterday that was after waiting for a week for someone to call back me back and that was after waiting ten minutes to even speak to someone!

I am going to ring them up today and just not take no for an answer when they tell me that they will get "someone to call me back today"

Wh05apk

SAMMYE wrote: »

but they arent getting back to me!? They said they would get someone to call me back yesterday that was after waiting for a week for someone to call back me back and that was after waiting ten minutes to even speak to someone!

I am going to ring them up today and just not take no for an answer when they tell me that they will get "someone to call me back today"

welcome to the real world, people never call back when they say they will (apart from me!) it's annoying, rude, and un-professional.

kingstreet

I'd avoid being the first to ask to do something in the circumstances you are in with TMW. I'd let things settle down for a month or two then start again with your request.

I know it's wrong but in my experience, being the guinea-pig for a change of system is a big headache. Let them work out their teething problems on someone else!

justice4people

Hunt to find account holders of BOI transferred to TMW.

If you like me are affected please contact:
Mortgage hike to hurt 14,000 homeowners with the Bank of Ireland



Money's mortgages editor Simon Lambert is investigating this issue further. Please email him at [EMAIL="editor@thisismoney.co.uk"]editor@thisismoney.co.uk[/EMAIL], marking Bank of Ireland and Simon Lambert in the subject line.


Please reply as we need as much support on this as possible. We only have a couple of months to raise full objection on this matter with TWM.