Mortgage error I have to pay for

Shemeam

Hi

I pay interest only mortgage.
My mortgage provider made an error and forgot to change the rate of my mortgage after the initial 2 years.
Because of this my mortgage is now £4000 more than it was originally and I am paying the interest on this monthly and as far as i can see unless i pay it off i always will have to pay this extra interest.
Does anyone know if this is how it should be? I feel as though I should have only paid back the interest I owed (I.e. paid back £4000) and not be paying interest on this £4000

I hope that makes some sense and that someone can help me with this query.
Thanks

Alison Gregory
aka Shemeam

magpiecottage

I think the lender is entitled to change the rate in accordance with their terms and conditions. However, if the failed to do so and you have dissipated (i.e. spent) the extra money they will probably have to write it off.

I therefore suggest you complain.

Also, go back to your post and remove your real name from your post as it is risky to publish it on a public forum.

Only a handful of people actually know who I really am (I'm Spartacus!)