Unknown bank fees 4 years later.

Dave_Taylor

We were advised that an endowment mortgage we had was under performing (around 2008.) We surrendered this, cashed it in and paid the money off what we owed. We then converted the outstanding balance to a repayment mortgage.

Last month we received a letter from the bank saying that they are putting our mortgage up to cover bank fees they forgot to charge us 4 years ago when we carried this transaction out. We have contacted the bank and asked them "What fees?" When we carried out the transaction we were not informed of any charges, in fact we were told there weren't any. The only thing we can think of is that there was no charge for taking out the £9K repayment, but there was an early repayment charge when we paid the settlement figure off of our original endowment.

We have contacted the bank twice now to ask them for a detailed explanation of what this charge is for, and how much it is. We are still awaiting a satisfactory reply, the only reply we did get said there was a £10 capital repayment fee.

It feels like we've been mugged. How can a bank say there are no charges for a transaction, then write to you four years later saying "Our mistake" and put your mortgage up? The amount is petty, the mortgage has only gone up about £7, but £7 over the remaining 15 years is a lot more than the £10 capital repayment fee. Feel like going down there with my £10, handing it over and saying put things back as they were.

Has anyone any idea what's going on?

somethingcorporate

Your bank are the only ones that have an idea what is going on.

Keep at them until you have a satisfactory answer. Put in a written complaint and keep escalating until you get a satisfactory response.