Mortgage Refund - To good to be true?

Karen_McGinn

I have received a letter from my old mortgage company saying I had overpaid on my fees and that they hadnt given me some important documents at the time - tariff of charges and set of mortgage conditions. They have issud by a cheque for £150 but surely this isnt right? I am sure they are liable for more but not sure who to talk to

Any views or advice?

stator

What does the letter say exactly? Does it say anything about the payment being a settlement, or is it just a refund?

ACG

They have an obligation to put you in the position you would have been had they not f'd up.

If they have found a mistake and sent you the money to correct it, I would be very surprised they would have sent you less than your entitled to.

lovinituk

Karen_McGinn wrote: »

I am sure they are liable for more but not sure who to talk to

What makes you sure they owe you more?

Thrugelmir

Karen_McGinn wrote: »

I am sure they are liable for more

In respect of what?

amnblog

Has our OP smelt blood in the water?

Karen_McGinn

They have called this a refund
They said 'When you took out your mortgage you should have been provided with a number of important documents, including a tariff of charges and a set of mortgage conditions'. During the term of your mortgage the fees listed in your tariff would have varied to reflect the cost to the bank associated with providing your mortgage account services. An updated tariff is sent with each annual mortgage statement. The mortgage conditions gave us the options to vary the fees on your mortgage and charge interest on those fees. However we are aware that you may not have been provided with the mortgage conditions when you first took out the mortgage. Therefore we should have not have varied the fees on your mortgage or charged interest on any fees that you incorrectly paid or may have overpaid. This only applies to fees which increased or where added to the tariff and charged to your account after your mortgage opened. When fees where reduced, or removed from the tariff, you were correctly charged either the lower amount or no fee at all. Please accept or apologies'.
Surely this is not about what I have overpaid but ore a failure on their part to provide their conditions of the mortgage
It’s hard to know what it really means and whether or not I should pursue further
Appreciate all the advice

ACG

It sounds like when you left them you were charged a higher fee than you should have been. So rightly, they have either credited back the difference or the difference plus some interest.

You could spend half an hour here writing a complaint and get a tenner as a good will gesture or you can accept they have corrected their mistake and move on with life.

You would not have even known you were out of pocket had they not told you so I would just be thankful you are £120 better off than you were yesterday and move on.

Goldiegirl

It looks like you may have paid a fee or fees that had increased from the rate charged at the time the mortgage was taken out.

They have realised that you MAY not have been given literature to advise you of the new rate, or were not told that the fees may increase at some point over the term of the mortgage.

Therefore, just in case you weren't given the literature, in order to treat the customer fairly, they appear to have refunded the increased part of the fees involved.

If you want to know more you could

A) ring them and ask them what fees were involved.

B)ask them the provide a tarrif of fees payable for every year of the mortgage, then go through your statements to check every fee and see for yourself which ones had increased from the rate chargeable at the time of mortgage completion.

Or my favourite option

C). Be pleased you have received a windfall. After all, you would never have been any the wiser if they hadn't done the decent thing and raised the issue in the first place.

nidO

Going from

Karen_McGinn wrote: »

To good to be true

To

Karen_McGinn wrote: »

I am sure they are liable for more

in the space of two sentences is quite an achievement.

Landofwood

nidO wrote: »

Going from



To



in the space of two sentences is quite an achievement.

Exactly what I was thinking!