My building society has added 5 yrs to my mortgate without telling me!

DogEared

Are they allowed to do so ? They made an error when I took mortgage out and extended it by five years in 2001 to make up the financials. They did not tell me and I discovered it this year. They have offered me a small lump sum by way of 'compensation' and an option to up my mortgage payment to bring it back to 25 years which is not an option for me now although it was back in 2001. Anybody else experience this ??

MarkyMarkD

I think you need to explain what their error was, in order to get meaningful advice.

It is common practice that where, for example, a mortgage is set up in error as interest only rather than repayment, the lender will allow the underpayment to be addressed over a longer period.

But it's certainly not common practice for any underpaid amount to be written off, irrespective of whose error it was - at the end of the day, if you borrowed £x that is how much you should repay.