Think mortgage term is wrong

PBrad6

Hi

When we took our mortgage out (7 years ago) husband is sure we signed a 25 year mortgage. Today whilst talking i looked at our mortgage online and it states we have 23 years remaining, obviously indicating a 30 year mortgage. He is adimant he wouldnt have agreed to a 30.

We are kicking ourselves for not noticing but moving house and marriage and kids have gotten in the way. I have contacted our solicitor to see if they still have a copy of the mortgage offer but he is out of the office until wednesday.

Im looking for any advice of where we stand if it is different to what we agreed, what to do next etc.

P.s when we bought the house the friday before exchange (monday was exchange day) the mortgage lender apparently pulled the mortgage offer. We never found out why, the solicitor handled it all. We only found out after completion. Could this be the cause?

hunt85

I just think unless you're really bothered just chalk it up to experience. There was obviously an issue with the mortgage as you state above maybe they would only agree it in the end over a longer term and maybe you were told/signed something at the time but in the myriad of issues around house buying its slipped your mind? Just see if you can reduce term with existing lender, remortgage away and take a shorter term or overpay to reduce term.

getmore4less

You should have the initial paperwork and annual statements to refer too.

It would have been obvious from the payment if it was 25 or 30 years.

TrickyDicky101

I'm failing to see what the problem is? You can simply overpay (subject to any ERC limits you may have) to reduce the term to be in line with an (original) 25 year term.

What do you think you have lost as a result of this?

sevenhills

PBrad6 wrote: »

P.s when we bought the house the friday before exchange (monday was exchange day) the mortgage lender apparently pulled the mortgage offer. We never found out why, the solicitor handled it all. We only found out after completion. Could this be the cause?

So your first offer of a mortgage fell through, you were offered a different one, but no one noticed this change?
Perhaps it was not affordable for you over 25 years, so they extended the term. When I was offered a mortgage in principle, they said that if I extended the term, I could borrow more.

Thrugelmir

What do your annual mortgage statements show?

You would have had to sign the mortgage offer. For the lender to release the funds. Be difficult to argue differently now. If there's nothing to support your assertion. Perhaps was simply an oversight at the time on your part.

PBrad6

Thank you for the replies.

The mortgage statements show 30 years. We have never really paid much notice to these, naively, as it was fixed term for a few years and the amount was what we thought was correct from our dealings with the bank.

We never signed anything other than the original mortgage offer. The mess up on the banks end was all dealt by the solicitor, as stated we were only notified of this when they rang to say we could pick up the keys.

Husband was initally upset but has come to realised it isnt a big deal. We were never planning on taking the whole term to pay off the mortgage anyway.

This should have been noticed years ago but we were first time buyers and young. Will speak to the solicitor . Thank you

Danni-R

Is your current mortgage not with the original supplier who pulled their first offer? It sounds a bit strange, if your solictor sorted out the mortgage but you didn't sign anything else - who signed for the new mortgage?

PBrad6

Yes current mortgage is with original lender. All we were tpld was they pulled the offer last minute and the solicitor spent an afternoon getting it reinstated as there was no reason for them to do what they did.