Is there a way of checking historical mortgage payments have been correct?

karlos007

Hi all,
Newbie when it comes to posting on here but any advice would be greatly appreciated..
I'm at year 23 with my mortgage and have been overpaying around £200 a month for a good few years. I'm convinced that my mortgage balance should be coming down quicker than it is. To compound this I received a letter from my lender last year saying they had made errors in calculating my balance and payments but that it was to my benefit and that I needn't do any more about it.
My question is how can I have all of my historical payments and balances checked by an external source to prove the accuracy of my balance today because obviously banks do make errors?

getmore4less

You can do it yourself if you have the statements and can do a bit of spreadsheet work.

mortgages are basically a series of adding up once you work out the method used by the lender.

The cost to have it checked will probably be more than any errors but if you did find some that left you out of pocket you might cover the cost with compensation.

Your statements should have all the data points you need, rate changes, payments and balance at various dates

karlos007

Thanks for the reply..I'm not too savvy when it comes to spreadsheets etc but will have a try at pulling all the data down from my account. Can i ask is it common for the banks to miscalculate when 'ive been making overpayments, product changes etc?

[Deleted User]

No, it's not common.

karlos007

Deleted_User said:

No, it's not common.

Ok Thanks for the advice.

getmore4less

they do happen but I would say common.
I would start with  your basic issue of you think the balance should be coming down faster

post some numbers 
date balance, rate, payment, overpayment, term remaining 
for start and end of around a year

£200pm extra is going to knock of £2,400 and may be around  £25 of interest(if the main payment stays the same) more than if you did not overpy.

cii4ps

karlos007 said:

Hi all,
Newbie when it comes to posting on here but any advice would be greatly appreciated..
I'm at year 23 with my mortgage and have been overpaying around £200 a month for a good few years. I'm convinced that my mortgage balance should be coming down quicker than it is. To compound this I received a letter from my lender last year saying they had made errors in calculating my balance and payments but that it was to my benefit and that I needn't do any more about it.
My question is how can I have all of my historical payments and balances checked by an external source to prove the accuracy of my balance today because obviously banks do make errors?

I can check in my sheet if you tell me;
length of mortgage
interest
borrowed amount

the £200 p/m has been consistent from the start?

getmore4less

There have 47 base rate changes in the last 23 years.
Even if a series of fixes there will have been a few, if variable rate then the lenders change date would need to be know.

karlos007

cii4ps said:

karlos007 said:

Hi all,
Newbie when it comes to posting on here but any advice would be greatly appreciated..
I'm at year 23 with my mortgage and have been overpaying around £200 a month for a good few years. I'm convinced that my mortgage balance should be coming down quicker than it is. To compound this I received a letter from my lender last year saying they had made errors in calculating my balance and payments but that it was to my benefit and that I needn't do any more about it.
My question is how can I have all of my historical payments and balances checked by an external source to prove the accuracy of my balance today because obviously banks do make errors?

I can check in my sheet if you tell me;
length of mortgage
interest
borrowed amount

the £200 p/m has been consistent from the start?

So many changes of products and the overpayments only in the last 10 years or so
 I'm going to gather as much data as I can then pop back on here once I have more info...thanks for the input