Mortgage info came through wrong!

cats2012

Hi everyone,

A simple one hopefully but just wondering if anyone has had similar experiences.

We've just bought our first house, moved in 2 weeks ago. Today the mortgage payment schedule finally came through from Nationwide, but the details are wrong compared to what we applied for and the offer we received. Basically the mortgage which was offered, and I have proof of, should be 30 years with a certain monthly payment, but the information that came today states that the term is 38 years and the monthly payment is therefore different.

I'm chasing this with Nationwide and they're coming back to me tomorrow so I don't need advice as such, I just wondered if anyone had ever had a similar problem and whether it was easy to resolve? It's the last thing I need with a new house to sort out!

Thanks in advance

kingstreet

How do your key facts illustration and mortgage offer differ from the letter you've received?

cats2012

The offer states 30 years with one monthly payment amount, and the letter we've received says 38 years with a different monthly payment amount.

kingstreet

Is the account number and addressing the same?

I'm trying to figure out if they've sent you someone else's letter, or somehow altered the terms of your mortgage.

I'm tempted towards the former, as the system would have spewed out a new offer if the terms of the application had been changed.

Either way, Nationwide will have to sort it out and in the meantime relax and get on with what you would normally be doing.

JimmyTheWig

Bizarre.

Is the interest rate the same?
Are the terms the same (e.g. fixed rate length)?
Are you allowed to make overpayments without penalty?

What's the interest rate?
What's the difference between the monthly payment you were expecting and the monthly payment you are now told?

[One thing to note, which doesn't seem relevant here but just thought I'd mention, is that your first payment is often higher than your regular monthly payment as it covers more than one month.]

Leon_W

Pretty much par for the course with Nationwide.

Over the years I've lost count of the number of mistakes they have made on Mortgage Offers. Term wrong. Product wrong. Repayment basis wrong.

I presume post completion is no better then !

cats2012

Thanks everyone!!

I am just going to relax for the time being, my mortgage advisor says it should sort out, was just surprised and wondered if anyone else had had such a random experience.

All other details were exactly the same, interest rate, type of mortgage etc.

The advisor thinks it was human error typing the numbers in...not exactly ideal when you're talking about a massive loan/purchase but hey ho...!

kingstreet

cats2012 wrote: »

The advisor thinks it was human error typing the numbers in...not exactly ideal when you're talking about a massive loan/purchase but hey ho...!

But that doesn't make sense.

If the offer was wrong, I could understand it. The KFI, offer and completion letter should all match. If they don't, someone has changed something they shouldn't.

Either way it's upto Nationwide to sort it, but it is a pain in the buttocks.

GMS

Your mortgage adviser should have checked the offer when it was issued and the solicitor should have confirmed details with you before completion. How you have managed to move in 2 weeks ago without anybody confirming the loan term is unbelievable.

Hopefully Nationwide will amend without too much fuss.

JimmyTheWig

cats2012 wrote: »

I am just going to relax for the time being

I agree.

Not because it will necessarily get corrected but because assuming you are allowed to make overpayments without penalty you can pay the difference in the monthly figures as an overpayment and it will make very little difference.

Though obviously the best thing all round would be for them to sort it out for you!

cats2012

kingstreet wrote: »

But that doesn't make sense.

If the offer was wrong, I could understand it. The KFI, offer and completion letter should all match. If they don't, someone has changed something they shouldn't.

Either way it's upto Nationwide to sort it, but it is a pain in the buttocks.

I agree, it didn't make sense to me either.

I literally sat and looked from one letter to the other like 10 times to check I wasn't going mad, but no the offer letter states exactly what we chose, which is then what the solicitor saw and confirmed in her paperwork. Then from comes a payment schedule letter with every single other thing right except the term, which then has changed the monthly repayments.

So I have no idea...but as long as it's sorted I'm not too worried. I've been told I'll get a new confirmation in the next 10 days, we'll see how it turns out!