Charged the wrong amount by Natwest

ElisaDay

Hello, I recently remortgaged with Natwest and the first new payment has come out of my account at a totally different amount than I was quoted and signed up for and I'm obviously going to speak to them but has anyone else had problems with them mis selling? The amount makes no sense, it's no where near the SVR or my old amount or any rates quoted- and I've paid fees seperately but the amount doesn't relate to a fee payment anyway. I'm very upset as I spent time speaking to them and doing all paperwork far in advance and I was concerned the man I was dealing with seemed on very hard sales targets and to be pressuring me which I raised but then he backed off and I didn't really want to move or see the need but I am now concerned he's somehow done something untoward- though I have clear documents stating amounts but is this something others have faced? Many Thanks

Tallulah_Chicken

Your first payment is usually different to your future payments. This is usually because the mortgage will have started part way through the month, when it is too late to set up a direct debit for your first payment. You will then pay interest on the part of the month remaining plus the first month in your first payment e.g. if you remortaged on 15 November, but your first payment doesn't come out until 1st January, you will pay interest for December, plus the last two weeks of November. Should all be sorted by the second payment.

davidmcn

And this should all be explained in your mortgage offer. Have you read it?

shadow7uk

It's usual for the first payment to be more.

It all depends on what date you move in, the earlier in the month the more you pay.

ACG

Your first payment will differ from subsequent payments as it depends on what date you complete on.

Why do you think the bloke at Natwest would do something untoward? Do you not think he likes having a job?

bigisi

ACG wrote: »

Why do you think the bloke at Natwest would do something untoward? Do you not think he likes having a job?

Because "mis-selling" = compo :j

kingstreet

ElisaDay wrote: »

Hello, I recently remortgaged with Natwest and the first new payment has come out of my account at a totally different amount than I was quoted and signed up for and I'm obviously going to speak to them but has anyone else had problems with them mis selling? The amount makes no sense, it's no where near the SVR or my old amount or any rates quoted- and I've paid fees seperately but the amount doesn't relate to a fee payment anyway. I'm very upset as I spent time speaking to them and doing all paperwork far in advance and I was concerned the man I was dealing with seemed on very hard sales targets and to be pressuring me which I raised but then he backed off and I didn't really want to move or see the need but I am now concerned he's somehow done something untoward- though I have clear documents stating amounts but is this something others have faced? Many Thanks

Have you really remortgaged? From which lender?

What was the completion date? Did you agree this date with the solicitor ahead of completion?

SonOf

nd the first new payment has come out of my account at a totally different amount than I was quoted and signed up for and I'm obviously going to speak to them but has anyone else had problems with them mis selling?

Why do you think you were missold?

Its normal for the first payment to be different and this would have been explained to you (if you used an adviser/broker - it not it will be in the written documentation).

You pay for the month ahead. The first payment not only pays for the month ahead but also the point when the mortgage was advanced.
e.g. if the repayment date is 1st monthly and the money was advanced on 15th Dec, you would pay the interest from 15th Dec to 31st Dec plus the month ahead.