mortgage settlement issues please help!

davidmcn

darthmaul71 wrote: »

because of there mistake I now have to pay 67 per month

You had to pay them £67 per month anyway. You're not making much sense.

silvercar

darthmaul71 wrote: »

sorry if the post is a bit confusing to clarify the original mortgage was taken through northern rock for a total of 115k in total 90k was for the house and 25k as a loan for improvements the house sold for a 100k but took the remaining 15k with me when I call to settle the amount I paid 10k hence why I asked 4 times now I have 5k over 9 years left to pay

This doesn't make complete sense as the unsecured loan would have had to be interest only to make those figures work. After you sold up, the loan should have been turned into an unsecured loan and repayments calculated so that the loan would be repaid over the term of the new loan.

I posted earlier, but now you have confirmed the lender is Northern Rock, I will repeat:

The interest rate on unsecured loans left over when the mortgage is paid back increases. You can in all probability find a cheaper loan provider elsewhere. This would reduce your monthly repayments.

darthmaul71

thanks silvercar

AnotherJoe

Good points but if he's been to the ombudsman it may be a bit late for that?

Thrugelmir

A redemption (settlement) figure would have to be provided in writing to be valid. The call centre operator wouldn't be in a position to do this instantly on the basis of a phone call.

Thrugelmir

A legally binding settlement figure?

AnotherJoe

Lets hope so, you made a good point so hopefully OP can use that in a response.

jlaw4

Thrugelmir wrote: »

A legally binding settlement figure?

Yes. I work for Natwest and we do them verbally all the time. They are legally binding and have a period of time they are valid for.