Cheque repayment off mortgage lender

2468kevo

Hi guys,
need a bit of advice on this got a letter out of the blue off my mortgage lender which reads as follows.

when you took out your mortgage you chose to make fixed payments which did not take into any changes in interest rates.

we have now assessed when the the payments you made over the life of your motgage where not changed when rates changed.

therefore as a "GESTURE OF GOODWILL" we have paid the remainder of your mortgage off ((about £2,000) and find enclosed a cheque for £6,517-10p

dont get me wrong i am delighted
but i have never heard of this payment and the "GESTURE OF GOODWILL" has got alarm bells ringing.
Any advice would be appriecieted,before i cash the cheque.

The_J

They screwed you for X number of years, realised their error and have corrected it.

If you are happy with that you can leave it there, cash the cheque and go to Vegas. If you've not got anything better to do you could work out exactly how much you are owed and see if it is more than they have given you.

Although I would say that even I, who has notable success in the field of mathematics, time on his hands and an attitude of intense distrust against banks probably couldn't be bothered to work it out.

opinions4u

Tell us who the lender is.

2468kevo

it was with the woolwich (now barklays)