Is there a service out there offering a Mortgage Review Service

TheGibbler

I am looking for someone to check and review the mortgage I have. It started in 1984 ! with the Woolwich then moved to Barclays, then onto Northern Rock and now Landmark. I am looking to see if someone offers a service where they can check the payments made, the interest charged, length of term remaining. I feel sure I have been paying for too long and subsequently paid too much

maximoose94

Historic payments won't make a difference - you've agreed to them and you've paid them. If you had been paying SVR then not a lot you can do about that. It's down to you to check you're on the best rate, not the bank! 

You can have a look online using your current outstanding figures to see if you could get a better rate. Lots of sites do this. 

RelievedSheff

If you are on the Landmark SVR then you are paying too much and should look to change lender subject to your property value and outstanding mortgage amount allowing this and the property not being in negative equity.

You will have no come back with historic payments to any of the companies but you can make sure that you are on the best rate possible now to avoid over paying interest now.

davidmcn

TheGibbler said:

I feel sure I have been paying for too long and subsequently paid too much

What makes you "feel" this? It's possible that (objectively) you have been "paying for too long", but you may have chosen to do so.

It's unlikely any big lenders will have made arithmetical errors in how the loans have been calculated without thousands of other customers being aware, so it is advice you've had which you want to query? If so, who gave you the advice, and how long ago?

dunstonh

I feel sure I have been paying for too long and subsequently paid too much

The lender sets the terms and you agree to them.  If you decide to stay with an expensive lender, then that is your choice.  There are a small number of people that are stuck with their lender due to lending criteria but that is just bad luck.

If you are thinking that the lender has made a mistake then its very unlikely.   There have been a small number of cases where lenders have found errors.  Halifax found an error some years back on a deal type and found that vast majority were wrong by under £10.   So, they paid all those affected £20.      Co-op were another but theirs was a wording issue that failed under the consumer credit act.  So, they had to refund interest charged in the period of failure.

So, these things are proactively dealt with when found.

MovingForwards

How long have you 'felt' it?

I take it you have seen an advert on social media or heard something on the radio about mortgages being calculated incorrectly?

Thrugelmir

If your original mortgage was with the Woolwich and ended up with Landmark it's not the same mortgage. At some point you switched lenders. Is the mortgage on an interest only basis? May explain why you are still paying after all these years.