Incorrect term of fixed mortgage

Thrugelmir

malpenn wrote: »

I expect a full refund but I am not sure if I could claim compensation for the money I would have saved if they had put me on the correct contract / term period and I switched the mortgage last year to another provider at a lower rate, it annoys me that if I didn't notice their error I would continue to pay the higher rate until April 2012 and they have manually altered what the mortgage offer has stated.

Would you would have recouped the ERC fee (on the 2nd account) along with the cost of remortgaging in 12 months is the question.

malpenn

I have calculated that if I had switched in December 2010 and paid the correct early redemption figures on both mortgages I would have saved about £2,000 but as they quoted £1,900 as the redemption figure on the primary mortgage in question then it didn't make it worth while.

The primary mortgage had a rate of 4.79% and the advance had a rate of 5.49%, in December 2010 I was offered a rate of 2.09% for my total borrowing.

Do you think I can claim the difference between the cost of redemption figures and the what I should have saved ? So in my case I would have saved £6,500 - correct redemption figures £4,000 = £2,500 instead of £6,500 - quoted redemption £5,900 = £600.00

opinions4u

Do you think I can claim the difference between the cost of redemption figures and the what I should have saved ?

You might struggle. Can you prove the conversation took place?

What does your Key Facts paperork state about the two different rates and expiry dates?

malpenn

The paper work I have received from my solicitor (mortgage offers) clearly states the rates and terms of each mortgage, so I would expect the lender to understand their mistake.