Mortgage issues

angy123

Hi, our mortgage was taken out in 1994, we have remortgaged a couple of times since then. Each remortgage was supposed to end at the same time as the original. We have been told that our mortgage doesn't end for another 18 months, we no longer get statements and we have asked numerous times for our mortgage paperwork and we have not received that either. our mortgage payments are quite high and we are on 4%. How can we force them to let us have the paperwork, get all relevant statements please

dunstonh

Each remortgage was supposed to end at the same time as the original.

That is not actually technically possible.

we no longer get statements

Have you opted out of paper statements? If so, they should be available online. If not, you should get one annually.

and we have asked numerous times for our mortgage paperwork and we have not received that either.

The earlier remortgages have probably got rid of the documentation when the old mortgage was closed. Only the latest one and perhaps the previous one are likely to still exist.

How can we force them to let us have the paperwork, get all relevant statements please

What exactly are you trying to achieve with all this?

You have posted in the reclaims section but your post seems to be nothing to do with reclaiming. It would help us to help you by knowing what you are trying to do.

angy123

No we have not opted out of paper statements and there is no opportunity to see our statements online, that service is not available. If it was not technically possible to have our remortgages finish in the same year as our original mortgage was supposed to finish it would have been nice to have been told that, instead we have been told that it was possible. We never knowingly closed the original mortgage taken out in 1994. I think that we have got a major issue with our mortgage and i believe mistakes have been made, which has left us overpaying, we will have paid £54,000 back in a period of 9 years, this is the sum total of our borrowing and this amount does not include the payments we have made for the other 16 years, i can estimate the 9 years amount because i can confirm how much money we have paid each month. what do i want? some advice on how to find out what is going on with our mortgage, if i am in the wrong section, i apologise. i have found this site difficult to navigate

dunstonh

If it was not technically possible to have our remortgages finish in the same year as our original mortgage was supposed to finish it would have been nice to have been told that, instead we have been told that it was possible.

A mortgage broker would tell you as would many mortgage advisers. However, banks used to do it on a non-advised basis and the quality of bank staff isnt what it once was.

Fixed rate deals, for example, expire on a given date for everyone who buys that deal. Irrespective of the date the money is advanced. So, a 5 year fix may be 5 years and 2 months or 4 years and 11 months. Then as you move each time, there will be admin gaps to go with deal date differences.

the lender cannot lend for x years 3 months. It has to be set to an exact number of years. So, they can either round down or round up the years. Again, brokers will usually give the choice but non-advised staff may just do it automatically. Or more likely that it was done but breezed over quickly and most people forget what they discuss within weeks.

So, mortgage term may be 13 years and 4 months at the point of remortgaging but the new mortgage is set to 14 years. If you bought short term deals frequently, then that term could move back very easily.

have found this site difficult to navigate

Yes, there are far too may sections.

There is actually little you can do. There is no wrongdoing here. Each time you signed a new contract for the deal, it would have stated the terms. So, they have an audit trail of you agreeing to them. You should inquire as to why you haven't had statements. Once a year they should go out.

katsu

Are all your mortgage deals with the same company?

Whenever you take out a new mortgage deal the old deal is automatically closed/repaid by the new loan.

You should get a statement once a year and on that statement it tells you when the mortgage is due to finish (no of months and years remaining) as well as the amount you have repaid so far.

-taff

Have you remortgaged with the same company? And who is it if you did?

angy123

yes the mortgage has been with Nat West. i know they are separate mortgage accounts because when we did have statements they had separate account numbers. they are all on the same property. i believed they called it further borrowing but they had separate account numbers and each was a separate account. we have not been getting statements although we keep requesting them. they just say they have sent them out.

angy123

whilst i understand everything you have said that does not explain why the mortgage we originally took out in 1994, which was due to end this year, is not going to end until november 2020. that should not have been rounded up or down. i know they are different accounts because they have different account numbers. If we go with what you have explained and i actually agree with, the mortgage taken out in 1994, should be ending this year and we should be continuing the repayment for the others for whatever length they have set but we aren't