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claiming statutory interest on mortgage over payment refund?
hardplace-rock-me
Posts: 14 Forumite
I'm not sure if this is the best place to post this but here goes.
In Feb this year I completed on my new mortgage. My old mortgage with Halifax was settled as part of the new mortgage process, a few days prior to completion my monthly mortgage payment was due, I paid it in full. This caused there to be an over payment after completion. I phoned the Halifax a few weeks after my mortgage with them was settled, and was told they would be making a refund payment into my bank account within 14 working days. However, I have still not received the refunded over payment from them.
Am I entitled to ask them for statutory interest to be added to the sum they owe me? If so is there a template letter on MSE that I could use (or something I could adapt) to deal with this matter?
Thanks in advance for any advice.
In Feb this year I completed on my new mortgage. My old mortgage with Halifax was settled as part of the new mortgage process, a few days prior to completion my monthly mortgage payment was due, I paid it in full. This caused there to be an over payment after completion. I phoned the Halifax a few weeks after my mortgage with them was settled, and was told they would be making a refund payment into my bank account within 14 working days. However, I have still not received the refunded over payment from them.
Am I entitled to ask them for statutory interest to be added to the sum they owe me? If so is there a template letter on MSE that I could use (or something I could adapt) to deal with this matter?
Thanks in advance for any advice.
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Comments
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How much was the overpayment? Even if one month's payment was £2000, at an annual 1% interest rate, you would have earned £5 over 3 months since Feb. Probably not worth the agro, just focus on getting the bulk overpayment back.0
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The FOS awards 8%pa less tax.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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How much was the overpayment? Even if one month's payment was £2000, at an annual 1% interest rate, you would have earned £5 over 3 months since Feb. Probably not worth the agro, just focus on getting the bulk overpayment back.
They owe me around £550 - as Kingstreet said though statutory interest is 8% - I am hopeless at calculating percentages, I guess I'll try to work it out to see if it's worth my while trying to claim it. I'm sure if I owed them but didn't pay in a timely fashion, they'd be adding the stat interest on though.
*EDIT: I work it out to be £44? Someone correct me if I'm wrong - I presume that's annually so I suppose I divide that by 12 for the monthly 8%? If so then it's the princely sum of £3.66 a month. Hmmmm maybe I'll just phone them and give them an ear bashing for taking so long to cough up
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Make a complaint and you'll probably get £50 for inconvenience.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Make a complaint and you'll probably get £50 for inconvenience.
Thanks, I'll give it a go, worth a try isn't it? I'll update this thread to let others know what the outcome is 0
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