Lost Mortgage!

Thrugelmir

belisha-beacon wrote: »

If they say it is a 30 year loan, hold out that you have always regarded it as being a 25 year loan.

The statements will suggest that it's a 30 year term (or whatever it computes too). I suspect this paperwork carries more weight than spoken word.

xHannahx

Have you ever been in arrears?
Charged admin fees?
Although they may have been minimal at the time the additional interest incurred and then having interest charged against further may all still build up.
The amounts you've stated in your original post won't be cleared in 8 years unless interest free. If interest free it will take 7 years 11 months to clear. Assuming interest bearing you will incur much more than £200 interest over 8 years.

hcb42

got to admit you have lost me?


25 year mortgage will be due up in 3 years, so what specifically is the question?


not sure on this 30 year confusion at all!


Also you would have had statements for the last 22 years??

silvercar

not sure on this 30 year confusion at all!

The confusion is that £200 payments are not sufficient to pay off the capital, even if the interest rate was zero.

cobbsy7

Thank you everyone for your suggestions, it really is appreciated.

To answer some questions.

The monthly payments must be going somewhere, but I don't know where. I am sure the bank does but they didn't even know what the mortgage was for.

The quarterly statements don't give any more info about the term of the mortgage.

Belisha-beacon, thank you for your advice as I think I've already told them too much already.

I've never been in arrears or been charged admin fees.

I must have paper work somewhere, I'll have another look.

I thought about stopping the payments, I bet that would have them find something.

After promising to be back to me within a few days it is now well over a week and still haven't heard anything.

Thanks again everyone.

Richard

audigex

You just need to keep at them.

I'd also recommend getting as much information together from your own bank about how much you've been paying. Pull every single scrap of evidence together possible.

If it comes to court, it will come down to who has the most/best evidence: although surely they have to prove you even owe them money in the first place? Tell them to produce the document holding your signature stating the terms of the loan. If they can't, they'd have a hard time proving you owe them anything at all.

laurasavon

Do the bank have the deeds to the property? The legal charge was often kept with them, also worth contacting the land registry to see if they have anything showing as a charge against the property if it seems like the bank have no idea

Thrugelmir

cobbsy7 wrote: »

I thought about stopping the payments, I bet that would have them find something.

You've been receiving quarterly statements. So the debt owed doesn't appear to be in dispute. Only the recollection of the term of the mortgage. So I know where I would place my bets.

Non payment will only incur you unnecessary fees and costs.

prepperpig

I'm a bit confused but it seems like you have the following situation:

You don't dispute you have a mortgage

You don't dispute you have an outstanding debt of £19k

You don't dispute it needs paying

So all that is in dispute is whether the £200 a month for the next three years will clear the debt (which clearly it won't)? So the only problem is that your payments are incorrect (too low).

So your options are either

1. to up your payments to clear the debt in time.

2. to find the extra cash form elsewhere and pay off the outstanding lump sum at the end of the three years

3. to be grateful that the bank think its a 30 year term and have effectively given you an extra 5 years to pay off the loan without the hassle of charging you a mortgage arrangement fee.

Or have I completely got the wrong end of the stick?