We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Mortage charges from years ago
Ihopetowin
Posts: 1 Newbie
Or mortage was £170,000 we got into financial troubles and my husband had to go bankrupt. We were lucky and got to keep a roof over our head at the time, to be fair to the bank, there was months we just could not pay the mortgage. This happened on and off over a couple of years. Thankfully out mortgage was more than what the market was selling our type of home for. So now, our mortgage is sitting at £230,000 we are selling it as we are on an intrest only mortgage. We gained about £50,000 extra charges over those years. Does anyone know would we have a chance of getting these charges changed as that's a hell of a lot of charges. This was back on 2012 and I think things might have changed 🤔 can anyone advise where I might start to find some helps to see if the bank RBS, actually done wrong and maybe we could get some refunds on these charges. Where would I start? I googled but can't find anything like this. I would appreciate your help. We are paying £1250 a month and thankfully have our house sold, but there are issues that are getting sorted, but we will make £15,000 profit. Not a lot when you think the bank added all those extra charges into our mortgage. I would be greatful if some advice.
0
Comments
-
Why do you feel the charges should be refunded? Having a charge applied because you broke the terms of the mortgage is normal - where does £50,000 come from?
Rules changing now doesn't mean they are applied retrospectively.
They will be time barred anyway - 6 years from taking out the product, 3 years from when you knew, or could reasonably have known, you had cause for complaint.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
Charges would have been listed on your annual mortgage statement.
But remember it will not just have been charges, but also all the missed payments adding to the increase.
Your 1st port of call would be to the bank on them & raise a complaint.Life in the slow lane0 -
Does anyone know would we have a chance of getting these charges changed as that's a hell of a lot of chargesCharges or extra interest?
£50k of charges seems extremely high but £50k of extra interest could easily be racked up. (or a combo of the two)
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The right of action is likely to vest with the official receiver, so if you were successful the money would go to them.0
Categories
- All Categories
- 347.1K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.7K Spending & Discounts
- 239.4K Work, Benefits & Business
- 615.2K Mortgages, Homes & Bills
- 175K Life & Family
- 252.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards