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Unauthorised Increase of Mortgage Term
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klemm
Posts: 3 Newbie
I believe my mortgage lender, Bradford & Bingley, deliberately increased the term of my mortgage to make our monthly repayments appear cheaper when we remortgaged with them. Does anyone else suspect this has happened to them?
Has anyone successfully pursued a complaint against their mortgage company and got financial compensation?
cheers, Klemm
Has anyone successfully pursued a complaint against their mortgage company and got financial compensation?
cheers, Klemm
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What does the term state on the KFI and what is the term now?0
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why on earth would they want to do that?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I believe my mortgage lender, Bradford & Bingley, deliberately increased the term of my mortgage to make our monthly repayments appear cheaper when we remortgaged with them. Does anyone else suspect this has happened to them?
I think you are being a bit paranoid there. The admin dept dont go and lower monthly payments for no reason. They go by what is put on the application.
The offer letter you got would have stated the term and amount. One assumes you read that before you signed it (you used to have to do that with a solicitor)?
Also, it is not uncommon for you not to get an exact match in term. i.e. original mortgage taken out in January. New mortgage taken out in August. You cannot match the term so you either add a year or take off a year.Has anyone successfully pursued a complaint against their mortgage company and got financial compensation?
In what way are you worse off?
There is no financial compensation in financial services. The payments are redress to put you in the position you would have been had the alternative occured. So, they will ask you for the missing monthly payment difference and reduce your interest accordingly. You wont get anything else apart from maybe a small goodwill gesture.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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