Mortgage confusion after change of title

realfun

Last month I applied for a transfer of deeds from a joint to a single name mortgage. The application was successful and the lender sent an offer with key facts whilst the paperwork was taking place with the solicitor. It stated the repayment will now be 500.11 which is £2 less than I was paying when it was joint.

Yestreday I received a letter from the lender now station the mortgage has been successfully transferred to a sole name and the repayment will be 502.11.

I was a bit surprised as I now have two documents telling me two different prices.

I called the lender and they have said the increase is due to the date when mortgage was transferred to the sole name and then the interest was added on. She then continued to say a refund has been arranged of 502.11 into your account which the direct debit comes out(!). Finally she fobbed me telling me she will arrange a complete history of financial record of payments etc sent to me. I told the lady I was advised there will be no payment increase as all they will be doing is removing one name off the mortgage. All the fees has been paid upfront and none added to the mortgage.

As I was asking her question she was stuttering a lot and could not give a clear cut explanation.

Please can anyone advice what I should do next, thanks.

Wh05apk

Probably nothing, it sounds like the person you spoke to was inexperienced and confused, the only change is that your mortgage is now just in your names, presumably the balances and terms have not altered so the payment would not have altered, the quotes you received were just that, and made assumptions about start dates/balances, you may have made extra payments since the quote, and had interest charged which would have affected the balance slightly, therefore affecting the repayments.

I doubt if a refud has been made, but monitor your account in case it has, if so that would appear to be a mistake, and may show your acount being in arrears, so speak to the lender immediately if it does appear.