Unauthorised Increase of Mortgage Term

klemm

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

KTF

What does the term state on the KFI and what is the term now?

toonfish

why on earth would they want to do that?

dunstonh

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.