Mortgage different to what I signed.

Davidtechman

@minimike2

Land registry doesn't state what sort of mortgage you have. What is the "land registry" document you keep referring to?

On Land Registry, there is a reference number, the number refers to a unique number on the mortgage offer. Ill get more info on this part, I may be expressing this part wrong.

look back at some of the original documents which will state the repayment method. In particular, you are looking for your "mortgage offer". Do you have this?

Im looking at my mortgage offer, In front of me now, signed by me, the bank, and a 3rd party.

It says 125k is interest only and repayment is 60k .

thats my offer, and says it is a part and part mortgage which is SIGNED.

But the bank are telling me its interest only and that I owe them 185k, this should surely be at 130k by now, to which interest only on 125k and 5k on repayment.

And I have asked the bank to provide me with a copy of my mortgage offer, the one they would keep, and they said they do not have it. They seem to have no documents at all. (Worries me)

I haven't told them about the documents I hold. Because something seems fishy.

Regardless of not checking statements each year, doesnt mean Im at fault, If the bank has done a mistake and charging me all these years interest only , when Its meant to be part and part...... surely that is an issue

kingstreet

It is an issue if you have been making payments of capital & interest because you have seen no benefit in doing so.

If you have paid interest-only on the whole mortgage, you have benefitted from the lower monthly payments which should have rung a bell compared with what you would have expected when comparing it with part-interest only and part-capital & interest.

You should also have been receiving annual mortgage statements which would have shown a split across two separate sub-accounts with one sub-account with a balance remaining static and another with a reducing balance.

You aren't going to fix this on here. You need to get all your paperwork together and ask an independent broker to analyse it for you.

Davidtechman

You already told us this is Woolwich/Barclays.

@getmore4less where did I mention, it was Woolwich/Barclays ?

I haven't mentioned once in this thread that this was Woolwich/Barclays

Im simply asking help regards to this, and bit sceptical in case reps of the banks are looking at this.

Are you referencing them, because you know this have happened in the past with this bank?

Davidtechman

@kingstreet thanks for your reply.

When this remortgage was with A bank, which is now part of a larger bank.

The original annual reports showed money paid in monthly, I found one and It hadn't referenced the balance, nor does it mention the mortgage offer, if part part, or even interest only.

Each year annaul reports came in, and Tbh, I just filed them away.
As long as I made sure I made the payments, I trusted everything is fine, untill Im in the position of selling or paying off.

Heinsight, maybe I could have noticed this issue sooner, Yes.
Does it make it my fault, Not really as I signed a mortgage agreement for part and part, and It has never gone down. because the bank are treating it as interest only.

and to top it off, they say they have NO records, Don't even have the agreement (the bank that took over this is)

Im just looking advice and insight before I go to the bank, to adress this.

Davidtechman

@kingstreet

You need to get all your paperwork together and ask an independent broker to analyse it for you.

I will look up some independent broker for advice, Im digging out all paperwork I can find.

Appreciate your reply.
Regardless of me not paying attention to annual statements.

To you personally,
1/ Does this sound odd to you, and maybe the bank made an error somewhere.
2/ If I signed Part and Part, but haven't benefitted from that, but they been treating me as interest only, what could this result to?
3/ If they have treated it different to a signed agreement, is that classed as miss-old?
4/ Is it true banks don't keep copies of the mortgage offer, not even digital.
5/ should I be worried the bank doesnt have copies of mortgage offer, they don't have any pre registration docs, or deeds?

Or is it something so simple as a mistake, that just needs correcting?

getmore4less

Davidtechman wrote: »

@getmore4less where did I mention, it was Woolwich/Barclays ?

I haven't mentioned once in this thread that this was Woolwich/Barclays

Im simply asking help regards to this, and bit sceptical in case reps of the banks are looking at this.

Are you referencing them, because you know this have happened in the past with this bank?

On this thread
http://forums.moneysavingexpert.com/showpost.php?p=72500184&postcount=41

You deleted your post.

You need to give details for people to work out what might have happened.

Payments determine how much you owe.

Not noticing you were not paying enough needs to be understood

If you were paying the right amounts then people can point at what you need to tell Barclays to get it fixed.

minimike2

Davidtechman wrote: »

@minimike2

On Land Registry, there is a reference number, the number refers to a unique number on the mortgage offer. Ill get more info on this part, I may be expressing this part wrong.



Im looking at my mortgage offer, In front of me now, signed by me, the bank, and a 3rd party.

It says 125k is interest only and repayment is 60k .

thats my offer, and says it is a part and part mortgage which is SIGNED.

But the bank are telling me its interest only and that I owe them 185k, this should surely be at 130k by now, to which interest only on 125k and 5k on repayment.

And I have asked the bank to provide me with a copy of my mortgage offer, the one they would keep, and they said they do not have it. They seem to have no documents at all. (Worries me)

I haven't told them about the documents I hold. Because something seems fishy.

Regardless of not checking statements each year, doesnt mean Im at fault, If the bank has done a mistake and charging me all these years interest only , when Its meant to be part and part...... surely that is an issue

OK this is a good start. In the offer document, it also states what your monthly payments should be - What does that say, and how does that compare to what you have been paying?

Also you state you paid by S/O. I assume this was because you didn't like the enforced payment date when you took out the mortgage?

In the payments section, does it state that the payments would change after a period of time (i.e if you had a rate for a number of years, then SVR) and did you amend your payments to reflect that change? Or indeed amend your S/O to reflect changes at your annual payment review, which would have been sent to you annually?

P.S You stated in another thread that your mortgage was with Woolwich.

Davidtechman

Hey all, All getting all paperwork in one heap, and will come back soon, so hope to hear from you when i next respond thanks.

Weewdy

I hope you get this sorted. Sounds like a difficult situation to be in. Do you have every yearly statement? Can you work out if it was always interest only (i know you signed repayment) or if it changed when the bank was bought over?

silvercar

If you thought you were on a part & part mortgage but were only charged interest on the whole amount, then you aren't actually out of pocket.

If however, you have been paying monthly amounts that would be a part & part calculation, but the lender is insisting that you have not repaid any capital then you will have lost a lot.

Once you have sorted you paperwork make a complaint to the lender. They will follow their complaints procedure and sort out what you have paid over the years.

I suspect it is the former and other than the annoyance of thinking you have repaid more than you have, you will not be out of pocket as your repayments have been lower over the years. This is frustrating, not least because you now have to find a greater amount to clear the mortgage and your budgeting would not have taken account of the greater amount you should have been paying each month.