MGI added to mortgage without explaining the effect on interest

Bahaghari

Whilst I accept that the MGI that I needed to pay to secure my Mortgage cannot be claimed back.


When I was charged for it, they just said either cash, cheque or add to the mortgage. As I did not have a spare £600 at the time I elected to add to my Mortgage, however I was never explained the true impact of adding the money to my Mortgage and the actual cost of having to pay that back over the years with the interest, which was between 6% and 8% over the years dropping to about 4.5% before I cleared my Mortgage.


Is it possible to claim this interest back as I was not given a set of examples showing what I may have to pay back if adding to my Mortgage?

dunstonh

When I was charged for it, they just said either cash, cheque or add to the mortgage. As I did not have a spare £600 at the time I elected to add to my Mortgage, however I was never explained the true impact of adding the money to my Mortgage and the actual cost of having to pay that back over the years with the interest, which was between 6% and 8% over the years dropping to about 4.5% before I cleared my Mortgage.

So, you understood you would pay interest on money you borrowed for buying the house but failed to understand you would pay interest on what your borrowed to pay MIG?

Is it possible to claim this interest back as I was not given a set of examples showing what I may have to pay back if adding to my Mortgage?

No.

BoGoF

I would be embarassed to admit that.