Lost Mortgage!

cobbsy7

Hi,

I took out a mortgage in 1993 for 25 years. Recently I received a statement of what was left to pay, over £19,000 left to pay with only just over three years to pay at just under £200 a month. It just doesn't add up. I went to my bank and they told me to ring the mortgage dep't, they couldn't find any information at all and said it may have been a 30 year mortgage and told me to talk to my local bank Manager because it was taken out with them and must still be with them.

I went back to the bank, got an appointment, spent one hour there and they can't find it either after trying all sorts of numbers and talking to the Manager and various other things behind the scenes. She came back and said they had hit a wall and didn't really know what to do next and leave it with them for another week when they will ring me.

I've been waiting a while now. What the hell do I do?

Thanks in advance for any advice.

Cheers

amnblog

Find your original paperwork.

cobbsy7

It doesn't matter what I give or show them they still can't find it.

Thrugelmir

Is the mortgage interest only?

What happened to your other annual statements that you've received for the past 20 odd years.

cobbsy7

I have only ever had quarter statements and they've had all those, still haven't heard anything back.

cobbsy7

No, not interest only.

I have only ever had quarter statements and they've had all those, still haven't heard anything back.

sheramber

Where have your monthly payments gone? They must be able to trace them to an account.

fairy_lights

Don't your quarterly statements give any more info about the term of the mortgage?

belisha-beacon

*Disclaimer -I have no qualifications to give any financial advice whatsoever*

As your average 'person on the street', what I would do in this situation is firstly, don't agree to anything without getting advice. If they say it is a 30 year loan, hold out that you have always regarded it as being a 25 year loan. Do not do anything that could look like acceptance of their suggestion.

Secondly, I'd get advice anyway (perhaps from CAB, or a solicitor? Not sure...) I would be asking whether the bank can hold me to anything at all if it has no paperwork showing that I owed anything. I presume loans are treated differently to mortgages but I am sure I have heard about loans being written off because banks could not produce evidence of the person signing up to the T&Cs.

I do find it confusing that you don't have your own documentation to show them, though. Perhaps I am overly cautious but I have copies of all key documents going back for years. Is there any way you can find your own copy of the agreement to show them?

silvercar

I presume loans are treated differently to mortgages but I am sure I have heard about loans being written off because banks could not produce evidence of the person signing up to the T&Cs

.

It is different because the mortgage lender has a charge over your property. Worse situation is they can go to court and repossess.

belisha-beacon

Thanks, silvercar. Do you know who would have to prove what in this situation? If the OP asked the bank to remove the charge on the property when the 25 years were up, I'm wondering if it would be the bank's responsibility to prove it was definitely a 30 year mortgage or the OP's responsibility to prove it wasn't and that all debts had been repaid?

I guess the bank could easily argue that if no queries had been raised over the years on receipt of the quarter yearly statements, then the info on them could be assumed to have been accepted.