Mortgage payed off early but.....

LetMeOut_2

Hi,

I am looking for some advice for my mum and dad.
They paid their mortgage off last Saturday. My dad had contacted nationwide, and asked them for an early settlement figure for the mortgage. They got it, and then went into the branch on Saturday and asked to pay off their mortgage. Less than a week had passed since they asked for the settlement figure.

The person in the branch pulled up the mortgage account and they had to pay almost £800 pounds more in order to settle the mortgage, but the branch person could give no explanation as to why the two amounts were so different.

My dad paid the mortgage off anyway, and the account was closed, but the lady in branch told him to email customer services to ask why the amounts were different...... So he did.

Today he got an email back saying that the amount they had paid in branch included an early settlement figure which accounted for the extra almost £800.

My dad is really angry, as they have paid their mortgage off THREE WEEKS early, that is all, and had he known that he would have today almost £800 more, he would just have waited the extra three weeks.

Is there anything he can do? Bearing in mind he has a copy of the settlement figure they gave him initially which was £800 less than the figure he payed, and they must have been able to see he was only paying it 3 weeks early.

Thanks in advance for any replies.

Radiantsoul

Drop them a letter outlining the situation?

kingstreet

Early repayment penalties are set out on every year's mortgage statement. They show how much would be payable and the end date.

Sometimes you have to ask the right question to get the right answer.

"What's the current settlement figure?" will get a different answer to "What's the current settlement figure and are there any penalties included and when do they end?"

The person in the branch pulled up the mortgage account and they had to pay almost £800 pounds more in order to settle the mortgage, but the branch person could give no explanation as to why the two amounts were so different.

My dad paid the mortgage off anyway, and the account was closed

Under the circumstances described, paying off the mortgage at that point, without checking why the figure was higher than expected was not a sensible idea and it should have been held off until further checks were made.

I'm sorry I'm unable to make any helpful suggestions but hopefully future readers of this thread will check before they act.