Offset mortgage wasn't linked to an account

martynppp

Hello I would just like some advise. I opted for an offset mortgage a year ago and I asked my mortgage advisor at the time specifly if i needed to open a seperate offset account with it, my mortgage advisor told me at the time any account with the bank would be sufficient for this. My first year statement came through last week and as i didn't understand how it took my account in consideration i emailed the mortgage advisor to ring me which she did and then checked an I was told then it didn't take my account in consideration for this as it was a joint account, for it to be valid it should have been just in my name!!! As there was a substantial amount in my account I have lost out on this been taken in consideration against the off setting. Should she not have linked an account to the offset mortgage when I took this out if it should have been an account in just my name. As she set the mortgage up and checked it should have come to her attention at the time that it was a joint account!!! Any advise welcome on this, Cheers Martynppp

Thrugelmir

You applied for a mortgage in your sole name. A joint account is not your account. As there is another party involved.

jamesd

Does the mortgage advisor work for the mortgage lender? If yes, complain about being told that any account would do and point out the high balance maintained in the account because you accepted the guidance that any account would do. Ask for redress calculated as the mortgage interest that would have been saved if you had instead kept that balance in a linked account.

martynppp

Good news. They contacted me straight away and apologised several times and will rectify the error and back date it all!! So I'll receive a new statement next month and can't wait to find out how much difference it has made!

plunt

congrats, just make sure you let us know how much you managed to save!