Virgin Money Mortgage/Northern Rock Change to a Fixed Rate Mortgage

LindaMcI

Hi there everyone I need some help to tell me if I can take this further. Today I received a letter from Virgin Money who took over The Northern Rock recently. Virgin Money have reviewed everyone's mortgage since taking over and hence my letter. It was regarding a change of payment to my Fixed Mortgage which is a 10 yr fixed rate and I have 3 yrs 11 months left to run. They want to change my payments by another £1.22 a month. I called Virgin Money to ask why the payments were changing and they said it was because when we took the mortgage from The Northern Rock the money was transferred from them to our bank and they had forgot to charge a Telegraphic Transfer Fee at the time which is £35 and they have added interest too which brings the amount up to just over £60. We are as I said now just over 6 years into our 10 yr mortgage and Virgin Money as soon as they take over they say this has been forgotten to be added BY THE NORTHERN ROCK!! I told the lady it would have been paid if requested at the time. I have no idea if I paid this I know I paid an amount of £26 separately but not sure what for. Anyway it's not about the extra £1.22 it's are they allowed to do this, any help would be appreciated. Thanks

kingstreet

If you have a copy of your key facts illustration, check section 8 to see if the fee is there. I've just looked at my last Northern Rock KFI from July 2007 and it isn't mentioned.

If you don't have your KFI, your mortgage offer contains a copy of the KFI within it and it should be mentioned there.

pm2326

The fee you refer to wont be in the KFI or the offer as the lender wouldnt know if the charge was applicable until the solicitor requested the funds from the lender. The solicitor is responsible for informing you that if they request funds by TT then you will be charged by the lender.

I would suggest you check the charges leaflet that would have been sent with your offer as the charge is likely to be on there. Also when you say the lender 'forgot' to charge you 6 years ago I doubt this is the case, maybe you should check your first mortgage statement and see if its showing on there.

It sounds like they have charged it on completion and you haven't paid it, if this is the case you were informed of the charge and given evidence at the time so doubt you will be able to take it further.

Hope this helps

opinions4u

Similar thread here:

https://forums.moneysavingexpert.com/discussion/4290711

LindaMcI

kingstreet
It wasn't mentioned specifically on my KFI but solicitor charges and application fee, valuation fee was.
pm2326
Checked my first mortgage statement and the Telegraphic Transfer Fee was included in my first balance statement which I received after having the mortgage 4 months and has been carried forward to this date , so does that mean my balance and interest calculated includes this fee. I'm getting so mixed up now. Should this not have been in with solicitors charges? Thanks for all your help so far.