Mortgage interest rate reclaims

John1960

Hi all - I am sure some of you have seen the recent adverts on the TV regarding being possibly able to claim for overpayments made to mortgages due to the miscalculation of interest rates by the provider and some other situations possibly arising from re-mortgaging etc. I was wondering if anyone had any experience of this or any knowledge they could share rather than handing over any a hefty percentage to a claims management company. Thanks folks 😎

HappyHarry

John1960 wrote: »

Hi all - I am sure some of you have seen the recent adverts on the TV regarding being possibly able to claim for overpayments made to mortgages due to the miscalculation of interest rates by the provider and some other situations possibly arising from re-mortgaging etc. I was wondering if anyone had any experience of this or any knowledge they could share rather than handing over any a hefty percentage to a claims management company. Thanks folks 😎

If you think you've been overcharged, just write to your mortgage company and let them know.


There have been a few instances recently where mortgage companies have made small (and I mean very, very small) miscalculations on interest payments. The companies concerned have written to all those affected, and repaid these interest amonts.


See here for an example: https://www.moneysavingexpert.com/news/2018/10/10-000s-halifax-customers-charged-too-much-interest-on-their-mor/

dunstonh

There have been a couple of lenders who have made interest rate errors and those lenders have been instructed to give refunds under the consumer credit act rules without the borrower being required to do anything.

You do not need a claims company to put in a complaint for you and take a cut of the redress correction. If it applies to you then you will be contacted in due course.

There are also some dodgy CMCs acting in this area where they initially say there is no cost to you to look into your mortgage. Then they say they have found issues that could result in £xxxxx being paid to you. Then a few months later they say you have money coming but they need £xxxx from you to pursue your complaint further with their solicitors. That is where they get their money and you never hear from them again (apart from occasional "we are still dealing with it" responses until they go bust)