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Help! Ported mortgage but lost £2000 to bank?
Hoorah
Posts: 19 Forumite
Hi,
Please can someone advise as I can't quite believe this myself. On Monday I moved house, bought and sold on the same day.
I ported my mortgage with TSB. When I applied to port in November last year the agreement was for £135, 800. That was my mortgage balance at that time.
On Monday prior to completing my move, my mortgage balance was now at £133,800. After completing the move my new balance shot up to the £135,800. I assumed this would change but after calling them up they state that this was the term that I agreed to and I wouldn't get that money back or have my mortgage adjusted. Surely that cannot be right. So I have been making payments for nothing since then and I have affectively lost £2000?
Please can someone advise as I can't quite believe this myself. On Monday I moved house, bought and sold on the same day.
I ported my mortgage with TSB. When I applied to port in November last year the agreement was for £135, 800. That was my mortgage balance at that time.
On Monday prior to completing my move, my mortgage balance was now at £133,800. After completing the move my new balance shot up to the £135,800. I assumed this would change but after calling them up they state that this was the term that I agreed to and I wouldn't get that money back or have my mortgage adjusted. Surely that cannot be right. So I have been making payments for nothing since then and I have affectively lost £2000?
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Comments
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If they've lent you £135,800 you haven't "lost" the money, you've just borrowed £2000 more than you needed to.1
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Check your completion statement from your solicitors - does it show they received the £135800 from the bank?
If so then they have likely reduced your final payment to them by the £2000 (or increased any residual payment made to you).1 -
What does your solicitor/conveyancer say? Surely, they are sitting on the surplus funds for you?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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You only port the terms, not the actual mortgage which refers to the security tying the property to the loan.
Your solicitor will have received the sale proceeds, repaid the existing mortgage and put the residual equity into the purchase pot with the new mortgage funds and transferred the purchase price to the vendor's solicitor. If there is any money left over after fees, the solicitor will send it on to you. What does your completion statement say?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2 -
But you will have realised the £2,000 elsewhere. You have not lost it. As advised, check your completion statement.Hoorah said:
That's what I thought however they aren't refunding me it or doing anything about it. My balance is £2000 higher than it should be.user1977 said:If they've lent you £135,800 you haven't "lost" the money, you've just borrowed £2000 more than you needed to.1 -
I have the solicitors mortgage letter here and they received the correct amount from TSB, £133800 as it was on the day. So the solicitors haven't received any extra money. Sorry but I'm really confused.
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Were there any fees on the mortgage? Fees of £1k are common so while £2k seems high I wouldn't say it's unthinkable. Fees are quite often added onto the mortgage.0
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You need two things. A copy of the redemption statement for your previous mortgage and a copy of the mortgage offer for your new mortgage. Then you compare them with your completion statement.
What do you mean by "solicitor's mortgage letter?"I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2
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